City Council Meeting Agenda
April 13, 2026

CITY OF CULVER CITY, CALIFORNIA
Annual Comprehensive Financial Report
For the Year Ended June 30, 2025
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CITY OF CULVER CITY, CALIFORNIA
Annual Comprehensive Financial Report
For the Year Ended June 30, 2025
Table of Contents
INTRODUCTORY SECTION (Unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . i Letter of Transmittal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . iii Officials of the City of Culver City, California . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xxi Organizational Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xxii GFOA Certificate of Achievement for Excellence in Financial Reporting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xxiii FINANCIAL SECTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Independent Auditor’s Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Management’s Discussion and Analysis (Required Supplementary Information) (Unaudited) . . . . . . . . . 7 Basic Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Government-Wide Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Statement of Net Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Statement of Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Governmental Fund Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 Reconciliation of the Governmental Funds Balance Sheet to the Government-Wide Statement of Net Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 Statement of Revenues, Expenditures and Changes in Fund Balances . . . . . . . . . . . . . . . . . . . 36 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Government-Wide Statement of Activities . . . . . . . . . . . . . . . . . . 37 Proprietary Fund Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 Statement of Net Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 Statement of Revenues, Expenses and Changes in Net Position . . . . . . . . . . . . . . . . . . . . . . . . . 40 Statement of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 Fiduciary Fund Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 Statement of Fiduciary Net Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 Statement of Changes in Fiduciary Net Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 Notes to The Basic Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 Page

CITY OF CULVER CITY, CALIFORNIA
Annual Comprehensive Financial Report
For the Year Ended June 30, 2025
Government-Wide Financial Statements
Page
Required Supplementary Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 Schedule of Changes in Net Pension Liability and Related Ratios - Miscellaneous Agent, Multiple-Employer Pension Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 Schedule of Changes in Net Pension Liability and Related Ratios - Safety Agent, Multiple- Employer Pension Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 Schedule of Changes in the Net OPEB Liabilities and Related Ratios . . . . . . . . . . . . . . . . . . . . . . . . 102 Schedules of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual . . . 105 General Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106 Culver City Housing Authority Special Revenue Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107 Notes to Required Supplementary Information (Unaudited) Budgetary Comparison Schedule . . . . 108 Supplementary Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109 Nonmajor Governmental Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110 Combining Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances . . . . . . . . . 118 Nonmajor Special Revenue Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 Schedules of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual 125 Gas Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126 Proposition A Local Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127 Proposition C Local Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128 Measure R . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129 Operating Grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130 Section 8 Housing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131 Art in Public Places . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132 Planning and Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133 CDBG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134 Special Assessment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135 Park Facilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136 Asset Seizure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137 Parking Authority . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138 Safe/Clean Water Protection . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139 Measure W . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140 Building Surcharge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141 Paratransit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142 Measure M . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143 AQMD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144 Mobility Improvement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145 Table of Contents
Page
Nonmajor Capital Project Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147 Schedules of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual 147 Capital Improvement and Acquisition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148 Capital Improvement Grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149 Cooperative Projects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 CDBG Capital Projects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151 Internal Service Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152 Combining Statement of Net Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153 Combining Statement of Revenues, Expenses and Changes in Net Position . . . . . . . . . . . . . . . 154 Combining Statement of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155 Combining Fiduciary Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 156 Combining Statement of Fiduciary Net Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157 Combining Statement of Fiduciary Net Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158 STATISTICAL SECTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159 Net Position by Component . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161 Changes in Net Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163 Program Revenues by Revenue Function . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167 Fund Balances Governmental Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169 Changes in Fund Balances, Governmental Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 171 Revenue Capacity Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173 Tax Revenue by Source . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174 Assessed Value and Estimated Actual Value of Taxable Property . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176 Direct and Overlapping Property Tax Rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177 Principal Property Taxpayers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178 Property Tax Levies and Collections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179 Debt Capacity Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180 Ratios of Outstanding Debt by Type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181 Direct and Overlapping Governmental Activities Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182 Legal Debt Margin Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 183 Pledged - Revenue Coverage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185 Demographic and Economic Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186 Demographic and Economic Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187 Principal Employers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188 Operating Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 189 Full - Time Equivalent City Government Employees by Function/Program . . . . . . . . . . . . . . . . . . . . . 190 Operating Indicators by Function . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191 Capital Asset Statistics by Function . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 193 INTRODUCTORY SECTION (Unaudited)
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Letter of Transmittal
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Officials of the City of Culver City, California
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Organizational Structure
xxii

GFOA Certificate of Achievement for Excellence in Financial Reporting xxiii
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FINANCIAL SECTION
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INDEPENDENT AUDITORS’ REPORT
Independent Auditor’s Report
To the Honorable Mayor and Members of the City Council
City of Culver City, California
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Culver City, California (the “City”), as of and for the year ended June 30, 2025, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the table of contents.

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City as of June 30, 2025, and the respective changes in financial position, and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Emphasis of Matter
As described in Notes 1 and 16 to the financial statements, in 2025, the City adopted new accounting guidance, GASB Statement No. 101, Compensated Absences. Our opinion is not modified with respect to this matter.

Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.
4 Auditors’ Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions.

Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with generally accepted auditing standards, Government Auditing Standards, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, no such opinion is expressed. • Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. • Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis, budgetary comparison information, and required pension and other postemployment benefits schedules, as listed on the table of contents, be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

To the Honorable Mayor and Members of the City Council
City of Culver City, California
5 Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City’s basic financial statements. The accompanying combining and individual fund financial statements and schedules (supplementary information) are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplementary information is fairly stated, in all material respects, in relation to the basic financial statements as a whole.

Other Information
Management is responsible for the other information included in the annual report. The other information comprises the introductory and statistical sections but does not include the basic financial statements and our auditor’s report thereon.

Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon.

In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.

Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated March 27, 2026, on our consideration of the City’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering City’s internal control over financial reporting and compliance.

Irvine, California
March 27, 2026
To the Honorable Mayor and Members of the City Council
City of Culver City, California
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26 27
Basic Financial Statements
Government-Wide Financial Statements
28 Statement of Net Position
Primary Government
Governmental
Activities
Business-Type
Activities Total
ASSETS
Cash and investments $ 210,443,503 $ 57,946,494 $ 268,389,997 Receivables (net of uncollectibles):

Accounts 5,219,474 2,634,696 7,854,170
Accrued interest 8,349,316 429,677 8,778,993
Due from other governments 12,178,667 2,681,473 14,860,140 Notes and loans 20,049,840 - 20,049,840
Lease receivables 406,136 - 406,136
Internal balances 26,198,698 (26,198,698) -
Restricted assets:

Restricted cash and investments - 8 8
Restricted cash with fiscal agent 35,085,249 - 35,085,249 Due from Successor Agency 338,669 - 338,669
Inventory 1,237,632 - 1,237,632
Capital assets (not being depreciated/amortized) 66,725,954 16,192,845 82,918,799 Capital assets (net of accumulated depreciation/amortization) 194,469,693 79,228,036 273,697,729 Total assets 580,702,831 132,914,531 713,617,362

DEFERRED OUTFLOWS OF RESOURCES
Pension-related 47,516,299 7,112,862 54,629,161
OPEB-related 3,562,452 529,498 4,091,950
Total deferred outflows of resources 51,078,751 7,642,360 58,721,111

LIABILITIES
Accounts payable 10,388,964 4,624,874 15,013,838
Due to other governments 38,820 1,154,963 1,193,783
Salaries and benefits payable 3,425,803 230,900 3,656,703 Accrued interest - 561,970 561,970
Deposits payable 6,724,843 14,515,738 21,240,581
Unearned revenue 4,239,057 - 4,239,057
Retention payable 269,913 - 269,913
Advances from Successor Agency 2,866,354 - 2,866,354 Due within one year: bonds, leases, subscriptions, claims, and compensated absences 12,779,867 1,982,149 14,762,016 Due in more than one year:

Net Pension Liability 271,537,095 40,704,772 312,241,867 Total OPEB Liability 38,388,620 5,705,820 44,094,440 Bonds, subscriptions, claims, and compensated absences 34,361,721 19,440,844 53,802,565 Total liabilities 385,021,057 88,922,030 473,943,087

DEFERRED INFLOWS OF RESOURCES
OPEB-related 10,627,842 1,579,649 12,207,491
Lease-related 363,266 - 363,266
Total deferred inflows of resources 10,991,108 1,579,649 12,570,757

NET POSITION
Net investment in capital assets 250,414,678 75,269,005 325,683,683 Restricted:

Road construction 9,729,698 - 9,729,698
Housing authority 30,106,129 - 30,106,129
Public safety 18,537,821 - 18,537,821
Public works and capital projects 36,176,325 - 36,176,325 Planning and development 30,533,509 - 30,533,509
Pension trust 35,085,249 - 35,085,249
Unrestricted (174,813,992) (25,213,793) (200,027,785) Total net position $ 235,769,417 $ 50,055,212 $ 285,824,629

CITY OF CULVER CITY, CALIFORNIA
Statement of Net Position
June 30, 2025
See accompanying Notes to the Basic Financial Statements 29 Statement of Activities
Program Revenues
Expenses
Charges for
Services
Operating
Contributions
and Grants
Capital
Contributions
and Grants
Functions/Programs:

Primary government:

Governmental activities:

General government $ 28,767,842 $ 302,303 $ 21,255,646 $ - Planning and development 9,826,134 9,365,644 205,522 - Housing and human services 18,138,923 - 2,120,105 - Public works 23,011,202 1,945,883 66,703 2,243,444
Parks, recreation, and community services 12,837,160 7,021,135 10,649,990 - Police 71,385,630 5,061,852 373,875 -
Fire 35,336,059 4,982,619 105,094 -
Transportation 759,555 - 74,455 -
Interest 178,507 - - -
Total governmental activities 200,241,012 28,679,436 34,851,390 2,243,444 Business-type activities:

Refuse Disposal 22,035,315 23,391,370 54,346 -
Municipal Bus Lines 36,943,559 1,873,799 25,566,546 213,563 Sewer Enterprise 8,657,085 9,250,851 369 -
Municipal Fiber Network 2,180,004 649,455 - -
Total business-type activities 69,815,963 35,165,475 25,621,261 213,563 Total primary government $ 270,056,975 $ 63,844,911 $ 60,472,651 $ 2,457,007 General revenues and transfers:

General revenues:

Property taxes
Sales taxes
Transient occupancy taxes
Franchise taxes
Business license taxes
Utility users tax
Other taxes
Use of money and property
Miscellaneous income
Transfers
Total general revenues and transfers
Change in net position
Net position-beginning, as originally reported
Restatement - change in accounting principle
Net position-beginning, restated
Net position-ending

CITY OF CULVER CITY, CALIFORNIA
Statement of Activities
For the Year Ended June 30, 2025
See accompanying Notes to the Basic Financial Statements 30 Net (Expenses) Revenues and
Changes in Net Position
Primary Government
Governmental
Activities
Business-Type
Activities Total
$ (7,209,893) $ - $ (7,209,893)
(254,968) - (254,968)
(16,018,818) - (16,018,818)
(18,755,172) - (18,755,172)
4,833,965 - 4,833,965
(65,949,903) - (65,949,903)
(30,248,346) - (30,248,346)
(685,100) - (685,100)
(178,507) - (178,507)
(134,466,742) - (134,466,742)
- 1,410,401 1,410,401
- (9,289,651) (9,289,651)
- 594,135 594,135
- (1,530,549) (1,530,549)
- (8,815,664) (8,815,664)
(134,466,742) (8,815,664) (143,282,406)
27,081,072 - 27,081,072
41,515,751 - 41,515,751
13,382,555 - 13,382,555
1,630,432 - 1,630,432
30,655,165 - 30,655,165
16,893,577 - 16,893,577
703,933 - 703,933
16,593,126 2,260,359 18,853,485
1,762,479 1,091,104 2,853,583
(827,587) 827,587 -
149,390,503 4,179,050 153,569,553
14,923,761 (4,636,614) 10,287,147
222,502,020 55,349,789 277,851,809
(1,656,364) (657,963) (2,314,327)
220,845,656 54,691,826 275,537,482
$ 235,769,417 $ 50,055,212 $ 285,824,629

CITY OF CULVER CITY, CALIFORNIA
Statement of Activities (Continued)
For the Year Ended June 30, 2025
See accompanying Notes to the Basic Financial Statements 31 See accompanying Notes to the Basic Financial Statements 32 Governmental Fund Financial Statements
See accompanying Notes to the Basic Financial Statements 33 Balance Sheet
Special
Revenue Fund
Capital
Projects Fund
General Fund
Culver City
Housing
Authority
Capital
Improvement
and
Acquisition
Total
Nonmajor
Funds
Total
Governmental
Funds
ASSETS
Cash and investments $ 73,590,164 $ 8,148,376 $ 21,559,765 $ 81,377,181 $ 184,675,486 Receivables (net of allowance for
uncollectible):

Accounts 4,927,722 9,969 34,665 206,233 5,178,589
Interest 813,434 5,298,288 142,621 1,952,707 8,207,050 Due from other governments 9,131,434 - - 3,044,679 12,176,113 Due from Westside COG 338,669 - - - 338,669
Notes and loans 1,322 16,653,518 - 3,395,000 20,049,840 Leases 406,136 - - - 406,136
Due from other funds 10,275,629 22,000 - 9,717 10,307,346 Advances to other funds 16,289,116 - - - 16,289,116 Restricted assets:

Cash and investments held by Pension
Trust 35,085,249 - - - 35,085,249
Total assets $ 150,858,875 $ 30,132,151 $ 21,737,051 $ 89,985,517 $ 292,713,594

LIABILITIES
Accounts payable $ 5,183,666 $ 34,119 $ 2,527,036 $ 1,350,333 $ 9,095,154 Salaries and benefits payable 3,146,124 - - 44,643 3,190,767 Unearned revenues 269,613 9,969 - 3,953,570 4,233,152 Retainage payable - - 156,047 113,866 269,913
Deposits payable 1,045,719 6,685 5,432,740 239,699 6,724,843 Due to other governments - - - 38,820 38,820
Due to other funds 25,694 21,846 - 1,457,345 1,504,885 Due to successor agency - - - 1,106,122 1,106,122
Advances from Successor Agency - 1,760,232 - - 1,760,232 Total liabilities 9,670,816 1,832,851 8,115,823 8,304,398 27,923,888

DEFERRED INFLOWS OF RESOURCES
Lease-related 363,266 - - - 363,266
Total deferred inflows of resources 363,266 - - - 363,266

FUND BALANCES (DEFICITS)
Nonspendable 16,696,574 - - - 16,696,574
Restricted 35,085,249 28,299,300 13,621,228 83,162,954 160,168,731 Committed 78,003,245 - - - 78,003,245
Assigned 6,700,177 - - - 6,700,177
Unassigned 4,339,548 - - (1,481,835) 2,857,713
Total fund balances (deficits) 140,824,793 28,299,300 13,621,228 81,681,119 264,426,440 Total liabilities, deferred inflows of
resources, and fund balances (deficits) $ 150,858,875 $ 30,132,151 $ 21,737,051 $ 89,985,517 $ 292,713,594

CITY OF CULVER CITY, CALIFORNIA
Balance Sheet
June 30, 2025
See accompanying Notes to the Basic Financial Statements 34 Reconciliation of the Governmental Funds Balance Sheet to the Government-Wide Statement of Net Position Amounts reported for governmental activities in the Statement of Net Position are different because:

Total fund balances - governmental funds $ 264,426,440
Capital assets, net of accumulated depreciation/amortization, used in governmental activities are not financial resources and, therefore, are not reported in the funds. 253,728,763
Differences between expected and actual experiences, assumption changes and net differences between projected and actual earnings, and contributions subsequent to the measurement date for the postretirement benefits (pension and OPEB) are recognized as deferred outflows of resources and deferred inflows of resources on the Statement of Net Position.

Deferred outflows-pension related $ 45,454,717
Deferred outflows-OPEB related 3,413,914
Deferred inflows-OPEB related (10,184,710)
Total deferred outflows and inflows related to postemployment benefits 38,683,921 Internal service funds provide services to other funds on a cost- reimbursement basis. The assets, deferred outflows of resources, liabilities, and deferred inflows of resources of the internal service funds are included in governmental activities in the Statement of Activities. (3,714,102) Long-term liabilities that are not due and payable in the current period, and therefore, are not reported in the funds.

Leases and subscriptions (9,217,450)
Compensated absences (11,610,885)
Net pension liability (259,739,278)
Net OPEB liability (36,787,992)
Total long-term liabilities (317,355,605)
Net position of governmental activities $ 235,769,417

CITY OF CULVER CITY, CALIFORNIA
Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position June 30, 2025
See accompanying Notes to the Basic Financial Statements 35 Statement of Revenues, Expenditures and Changes in Fund Balances Special
Revenue Fund
Capital Projects
Fund
Formerly
Nonmajor Fund
General Fund
Culver City
Housing
Authority
Capital
Improvement
and
Acquisition
Total
Nonmajor
Funds
Total
Governmental
Funds

REVENUES
Taxes $ 131,862,485 $ - $ - $ - $ 131,862,485
Licenses and permits 3,611,471 - - 575,563 4,187,034 Fines and forfeitures 4,628,692 - - - 4,628,692
Intergovernmental 8,800,486 - 30,810 27,369,718 36,201,014 Charges for services 12,871,831 - - 6,992,061 19,863,892 Investment earnings 10,291,618 658,993 1,149,958 3,596,836 15,697,405 Grants - - - 882,750 882,750
Miscellaneous 1,578,623 159,000 60,000 24,856 1,822,479 Total revenues 173,645,206 817,993 1,240,768 39,441,784 215,145,751

EXPENDITURES
Current:

General government 26,429,503 - - 546,117 26,975,620 Parks, recreation, and community services 12,276,115 - - 27,200 12,303,315 Police 57,055,644 - - 326,878 57,382,522
Fire 36,094,078 - - 103,825 36,197,903
Planning and development 6,674,684 - 336,200 3,052,685 10,063,569 Housing and human services 12,889,492 674,100 - 4,559,526 18,123,118 Public works 18,539,277 2,023 467,581 167,987 19,176,868 Transportation - - - 752,465 752,465
Capital outlay 7,333,949 - 7,073,476 8,457,976 22,865,401 Debt service: -
Principal payments 2,379,622 - 64,468 271,637 2,715,727 Interest 173,522 - - 5,619 179,141
Total expenditures 179,845,886 676,123 7,941,725 18,271,915 206,735,649 Excess (deficiency) of revenues
over (under) expenditures (6,200,680) 141,870 (6,700,957) 21,169,869 8,410,102

OTHER FINANCING SOURCES (USES)
Transfers in 3,365,718 - 12,327,804 733,614 16,427,136 Transfers out (17,527,804) (750,000) (495,688) (3,681,231) (22,454,723) Lease proceeds 2,054,170 - - - 2,054,170
Subscription proceeds 6,932,708 - 335,418 1,973,732 9,241,858 Total other financing sources (uses) (5,175,208) (750,000) 12,167,534 (973,885) 5,268,441 Net change in fund balances (11,375,888) (608,130) 5,466,577 20,195,984 13,678,543 Fund balances-beginning, as previously
reported 152,200,681 28,907,430 - 69,639,786 250,747,897 Change within financial reporting entity - - 8,154,651 (8,154,651) - Fund balances (deficit)-beginning, as restated 152,200,681 28,907,430 8,154,651 61,485,135 250,747,897 Fund balances (deficit)-ending $ 140,824,793 $ 28,299,300 $ 13,621,228 $ 81,681,119 $ 264,426,440

CITY OF CULVER CITY, CALIFORNIA
Statement of Revenues, Expenditures and Changes in Fund Balances For the Year Ended June 30, 2025
See accompanying Notes to the Basic Financial Statements 36 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Government-Wide Statement of Activities Amounts reported for governmental activities in the Statement of Activities are different because:

Net change in fund balances - total governmental funds: $ 13,678,543 Governmental funds report capital outlays are expenditures. However, in the Statement of Activities, the cost of these assets is allocated over their estimated useful lives and reported as depreciation/amortization expense. This is the amount by which capital outlays exceeded depreciation/amortization expense in the current period.

Capital outlay $ 23,177,094
Depreciation/amortization expense (10,804,038)
Total adjustment 12,373,056
The net effect of various miscellaneous transactions involving capital assets (i.e., sales, trade-ins, and donations) is to increase/(decrease) net position.

Loss/(gain) on disposal of capital assets (40,419)
Total adjustment (40,419)
Bond and other debt proceeds provide current financial resources to governmental funds, but issuing debt increases long-term liabilities in the Statement of Net Position.

Repayment of bond and other debt principal is an expenditure in the governmental funds, but repayment reduces long-term liabilities in the Statement of Net Position.

Also, governmental funds report the effect of premiums, discounts, and similar items when debt is first issued, whereas these amounts are deferred and amortized in the Statement of Activities.

Leases issued (2,054,169)
Subscriptions issued (9,078,225)
Principal payments 2,870,229
Total adjustment (8,262,165)
Internal service funds provide services to other funds on a cost-reimbursement basis.

The net revenue of certain activities of internal service funds is reported with governmental activities. 4,279,032
Some expenses reported in the Statement of Activities do not require the use of current financial resources and, therefore, are not reported as expenditures in the governmental funds.

Compensated absences 4,571,732
Changes in pension liabilities and related deferred outflows and inflows of resources (19,345,560) Changes in OPEB liabilities and related deferred outflows and inflows of resources 7,669,542 Total adjustment (7,104,286)
Change in net position of governmental activities $ 14,923,761

CITY OF CULVER CITY, CALIFORNIA
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities
For the Year Ended June 30, 2025
See accompanying Notes to the Basic Financial Statements 37 Proprietary Fund Financial Statements
See accompanying Notes to the Basic Financial Statements 38 Statement of Net Position
Business-Type Activities
Governmental
Activities
Refuse
Disposal
Municipal Bus
Lines
Sewer
Enterprise
Municipal
Fiber Network
Total
Enterprise
Funds
Internal
Service Funds
ASSETS
Current assets:

Cash and investments $ 11,708,754 $ 17,592,204 $ 28,645,536 $ - $ 57,946,494 $ 25,768,017 Receivables (net of uncollectibles):

Accounts 2,243,262 258,377 1,402 131,655 2,634,696 40,885 Interest 85,068 132,891 211,718 - 429,677 142,266 Due from other funds - - - - - 210
Due from other governments 119,077 2,397,338 165,058 - 2,681,473 2,554 Inventory - - - - - 1,237,632
Restricted:

Restricted cash held with fiscal agents - - 8 - 8 - T otal current assets 14,156,161 20,380,810 29,023,722 131,655 63,692,348 27,191,564 Noncurrent:

Capital assets, net 2,965,824 33,621,637 46,852,600 11,980,820 95,420,881 7,466,884 T otal noncurrent assets 2,965,824 33,621,637 46,852,600 11,980,820 95,420,881 7,466,884 Total assets 17,121,985 54,002,447 75,876,322 12,112,475 159,113,229 34,658,448

DEFERRED OUTFLOWS OF RESOURCES
Pension-related 1,739,460 4,972,762 400,640 - 7,112,862 2,061,582 OPEB-related 191,912 319,581 18,005 - 529,498 148,538 Total deferred outflows of resources 1,931,372 5,292,343 418,645 - 7,642,360 2,210,120

LIABILITIES
Current liabilities:

Accounts payable 1,205,318 678,383 2,714,113 5,000 4,602,814 1,293,810 Salaries and benefits payable 309,015 781,034 64,914 - 1,154,963 235,036 Interest payable - - 230,900 - 230,900 -
Unearned revenues 55 11,962,835 - 2,552,848 14,515,738 5,905 Deposits payable 359,750 - - 202,220 561,970 -
Retainage payable 22,060 - - - 22,060 -
Due to other funds - - - 3,013,505 3,013,505 5,789,166 Subscription liabilities - 2,233 425,401 - 427,634 72,208 Claims payable - - - - - 5,942,797
Compensated absences 181,958 278,230 34,480 - 494,668 157,584 Revenue bonds payable - - 1,059,847 - 1,059,847 - T otal current liabilities 2,078,156 13,702,715 4,529,655 5,773,573 26,084,099 13,496,506 Noncurrent liabilities:

Advances from other funds - - - 16,289,116 16,289,116 - Subscription liabilities - non-current - 2,776 1,138,118 - 1,140,894 78,613 Compensated absences 199,884 561,357 37,268 - 798,509 335,066 Claims payable - - - - - 19,726,985
Revenue bonds payable - - 17,501,441 - 17,501,441 - Net pension liability 9,954,408 28,457,624 2,292,740 - 40,704,772 11,797,817 Net other post employment benefits liability 2,068,029 3,443,776 194,015 - 5,705,820 1,600,628 T otal noncurrent liabilities 12,222,321 32,465,533 21,163,582 16,289,116 82,140,552 33,539,109 Total liabilities 14,300,477 46,168,248 25,693,237 22,062,689 108,224,651 47,035,615

DEFERRED INFLOWS OF RESOURCES
OPEB-related 572,531 953,405 53,713 - 1,579,649 443,132 Total deferred inflows of resources 572,531 953,405 53,713 - 1,579,649 443,132

NET POSITION
Net investment in capital assets 2,943,764 33,616,628 26,727,793 11,980,820 75,269,005 7,466,884 Unrestricted 1,236,585 (21,443,491) 23,820,224 (21,931,034) (18,317,716) (18,077,063) Total net position $ 4,180,349 $ 12,173,137 $ 50,548,017 $ (9,950,214) 56,951,289 $ (10,610,179) Adjustment to report the cumulative internal balance for the net effect of the activity between the internal service funds and the enterprise funds over time (6,896,077) Net position of business-type activities $ 50,055,212

CITY OF CULVER CITY, CALIFORNIA
Statement of Net Position
Proprietary Funds
June 30, 2025
See accompanying Notes to the Basic Financial Statements 39 Statement of Revenues, Expenses and Changes in Net Position Business-Type Activities
Governmental
Activities
Refuse
Disposal
Municipal
Bus Lines
Sewer
Enterprise
Municipal
Fiber
Network
Total
Enterprise
Funds
Internal
Service
Funds

OPERATING REVENUES
Charges for services $ 23,391,370 $ 1,873,799 $ 9,250,851 $ 649,455 $ 35,165,475 $ 27,716,795 Other 15,739 740,508 - 334,857 1,091,104 4,189
Total operating revenues 23,407,109 2,614,307 9,250,851 984,312 36,256,579 27,720,984

OPERATING EXPENSES
Salaries and benefits 7,877,404 20,249,649 1,661,794 - 29,788,847 6,975,746 Supplies 357,863 528,673 2,461,415 - 3,347,951 2,757,044 Repairs and maintenance 3,585,143 6,056,836 (442,558) 109,691 9,309,112 5,743,913 Insurance 241,194 874,360 39,553 - 1,155,107 4,854,413 Administrative services 2,682,610 3,372,858 698,194 - 6,753,662 1,046,716 Rent and lease expenses 194,630 - 360,000 - 554,630 2,035,563 Consulting and contractual services 6,685,057 1,860,273 755,455 1,132,817 10,433,602 6,853,412 Depreciation and amortization 200,596 3,650,494 2,458,679 232,438 6,542,207 - Total operating expenses 21,824,497 36,593,143 7,992,532 1,474,946 67,885,118 30,266,807 Operating income (loss) 1,582,612 (33,978,836) 1,258,319 (490,634) (31,628,539) (2,545,823)

NONOPERATING REVENUES (EXPENSES)
Interest revenue 465,167 592,284 1,202,908 - 2,260,359 897,330 Interest expense - (1,661) (583,303) (690,798) (1,275,762) (520) Intergovernmental 54,346 25,566,546 369 - 25,621,261 31 Gain (loss) on sale of property - - - - - 135,703 Total nonoperating revenues (expenses) 519,513 26,157,169 619,974 (690,798) 26,605,858 1,032,544 Income (loss) before capital contributions and
transfers 2,102,125 (7,821,667) 1,878,293 (1,181,432) (5,022,681) (1,513,279) Capital contributions - 213,563 - - 213,563 -
Transfers in - 1,063,111 - - 1,063,111 5,200,000
Transfers out - (235,524) - - (235,524) -
Change in net position 2,102,125 (6,780,517) 1,878,293 (1,181,432) (3,981,531) 3,686,721 Net position-beginning, as previously reported 2,230,860 19,406,127 48,722,578 (8,768,782) 61,590,783 (14,234,128) Restatements - change in accounting principle (152,636) (452,473) (52,854) - (657,963) (62,772) Net position-beginning, restated 2,078,224 18,953,654 48,669,724 (8,768,782) 60,932,820 (14,296,900) Net position-ending $ 4,180,349 $ 12,173,137 $ 50,548,017 $ (9,950,214) $ 56,951,289 $ (10,610,179) Change in net position before adjustment $ (3,981,531)
Adjustment for the net effect of the current year activity between the internal service funds and the enterprise funds (655,083)
Changes in net position of business-type activities $ (4,636,614)

CITY OF CULVER CITY, CALIFORNIA
Statement of Revenues, Expenses and Changes in Net Position Proprietary Funds
For the Year Ended June 30, 2025
See accompanying Notes to the Basic Financial Statements 40 Statement of Cash Flows

CASH FLOWS FROM OPERATING

ACTIVITIES
Receipts from customers $ 22,976,176 $ 2,137,355 $ 9,553,816 $ 690,961 $ 35,358,308 $ - Receipts from interfund charges - - - - - 28,258,100 Payments to suppliers and service providers (13,088,315) (12,982,269) (1,416,770) (1,297,353) (28,784,707) (21,157,215) Payments to employees for salaries and benefits (8,080,653) (20,387,060) (1,661,863) - (30,129,576) (7,007,208) Other receipts (payments) - 25,822,528 - - 25,822,528 (2,742,559) Net cash provided by (used for)
operating activities 1,807,208 (5,409,446) 6,475,183 (606,392) 2,266,553 (2,648,882)

CASH FLOWS FROM NONCAPITAL

FINANCING ACTIVITIES
Transfers from other funds - 1,063,111 - - 1,063,111 5,200,000 Transfers to other funds - (235,524) - - (235,524) - Payments from other funds on interfund borrowings - - - 1,297,190 1,297,190 718,733 Payments to other funds on interfund borrowings - - - - - (9) Operating grants and contributions 54,486 - 24,558 - 79,044 31 Net cash provided by (used for)
noncapital financing activities 54,486 827,587 24,558 1,297,190 2,203,821 5,918,755

CASH FLOWS FROM CAPITAL AND

RELATED

FINANCING ACTIVITIES
Proceeds from capital debt - - 2,148,146 - 2,148,146 - Capital contributions - 213,563 - - 213,563 -
Acquisition and construction of capital assets (830,419) (3,108,277) (4,530,008) - (8,468,704) (4,409,856) Principal paid on capital debt - (70,141) (1,479,627) - (1,549,768) (71,820) Interest paid on capital debt - (1,661) (718,067) (690,798) (1,410,526) (520) Proceeds from sales of assets - - - - - 135,703
Net cash provided by (used for)
capital and related financing activities (830,419) (2,966,516) (4,579,556) (690,798) (9,067,289) (4,346,493)

CASH FLOWS FROM INVESTING

ACTIVITIES
Interest on investments 450,016 592,763 1,168,906 - 2,211,685 886,574 Net cash provided by (used for)
investing activities 450,016 592,763 1,168,906 - 2,211,685 886,574 Net increase (decrease) in
cash and cash equivalents 1,481,291 (6,955,612) 3,089,091 - (2,385,230) (190,046) Cash and cash equivalents-beginning 10,227,463 24,547,816 25,556,453 - 60,331,732 25,958,063 Cash and cash equivalents-ending $ 11,708,754 $ 17,592,204 $ 28,645,544 $ - $ 57,946,502 $ 25,768,017 Business-Type Activities
Governmental
Activities
Refuse
Disposal
Municipal Bus
Lines
Sewer
Enterprise
Municipal
Fiber
Network Totals
Internal
Service Funds

CITY OF CULVER CITY, CALIFORNIA
Statement of Cash Flows
Proprietary Funds
For the Year Ended June 30, 2025
See accompanying Notes to the Basic Financial Statements 41

RECONCILIATION OF CASH AND CASH

EQUIVALENTS

TO THE STATEMENT OF NET POSITION
Cash and investments $ 11,708,754 $ 17,592,204 $ 28,645,536 $ - $ 57,946,494 $ 25,768,017 Restricted cash and investments - - 8 - 8 -
Total cash and cash equivalents $ 11,708,754 $ 17,592,204 $ 28,645,544 $ - $ 57,946,502 $ 25,768,017

RECONCILIATION OF OPERATING INCOME
(LOSS)

TO NET CASH PROVIDED BY (USED FOR)

OPERATING ACTIVITIES
Operating income (loss) $ 1,582,612 $ (33,978,836) $ 1,258,319 $ (490,634) $ (31,628,539) $ (2,545,823) Adjustments to reconcile operating income
(loss) to
net cash provided by (used for) operating
activities:

Depreciation/amortization expense 200,596 3,650,494 2,458,679 232,438 6,542,207 2,035,563 (Increase) decrease in accounts receivable (454,433) (78,381) 302,965 (34,231) (264,080) (39,614) (Increase) decrease in inventories - - - - - (203,077) Increase (decrease) in due to other
governments - 25,822,528 - - 25,822,528 -
Increase (decrease) in accounts payable 658,182 (282,515) 2,455,289 (54,845) 2,776,111 872,185 Increase (decrease) in accrued liabilities 65,175 68,207 16,533 - 149,915 1,321 Increase (decrease) in retentions payable - (6,754) - - (6,754) Increase (decrease) in deposits payable 23,500 (398,571) - - (375,071) 5,905 Increase (decrease) in compensated
absences (248,513) (663,284) (70,869) (259,120) (1,241,786) (186,470) Increase (decrease) in claims and
judgments - - - - - (2,742,559)
Increase (decrease) in net pension liability 411,230 1,175,622 94,716 - 1,681,568 487,385 Increase (decrease) in net OPEB liability (431,141) (717,956) (40,449) - (1,189,546) (333,698) Total adjustments 224,596 28,569,390 5,216,864 (115,758) 33,895,092 (103,059) Net cash provided by (used for)
operating activities $ 1,807,208 $ (5,409,446) $ 6,475,183 $ (606,392) $ 2,266,553 $ (2,648,882)

SCHEDULE OF NON-CASH NONCAPITAL,

CAPITAL, AND INVESTING ACTIVITIES
Purchase of capital assets on account - - - - - (211,925) Contributions of capital assets - - - - - 150,821 Business-Type Activities
Governmental
Activities
Refuse
Disposal
Municipal Bus
Lines
Sewer
Enterprise
Municipal
Fiber
Network Totals
Internal
Service Funds

CITY OF CULVER CITY, CALIFORNIA
Statement of Cash Flows (Continued)
Proprietary Funds
For the Year Ended June 30, 2025
See accompanying Notes to the Basic Financial Statements 42 Fiduciary Fund Financial Statements
See accompanying Notes to the Basic Financial Statements 43 Statement of Fiduciary Net Position
Pension (and
Other
Employee
Benefits)
Trust Fund
Private
Purpose
Trust Funds
Custodial
Funds
ASSETS
Cash and investments $ - $ 10,213,638 $ 11,623
Cash and investments held with fiscal agent - 472,516 - Restricted cash and investments held with OPEB Trust 77,922,917 - - Receivables:

Accounts - 24,209 -
Interest - 137,561 -
Notes, net - 1,826 -
Due from City of Culver City - 1,760,232 -
Capital assets, net - 12,106,094 -
Total assets 77,922,917 24,716,076 11,623

LIABILITIES
Interest payable - 185,542 -
Long-term debt:

Bonds payable, current - 7,155,325 -
Bonds payable, non-current - 19,394,092 -
Total liabilities - 26,734,960 -

NET POSITION
Restricted for RDA - (912,762) -
Restricted for OPEB 77,922,917 - -
Restricted for other purposes - - 11,623
Total net position $ 77,922,917 $ (912,762) $ 11,623

CITY OF CULVER CITY, CALIFORNIA
Statement of Fiduciary Net Position
Fiduciary Funds
June 30, 2025
See accompanying Notes to the Basic Financial Statements 44 Statement of Changes in Fiduciary Net Position
Pension (and
Other
Employee
Benefits)
Trust Fund
Private
Purpose
Trust Funds
Custodial
Funds

ADDITIONS
Redevelopment property taxes trust funds $ - $ 7,305,774 $ - Investment earnings:

Interest - 642,306 -
Investment earnings 8,358,798 35,570 -
Total additions 15,864,971 7,983,650 -

DEDUCTIONS
General and administrative 36,726 570,198 -
Interest 197,970 59,013 -
Depreciation and amortization - 138,902 -
Total deductions 7,534,263 768,113 61,357
Net increase (decrease) in fiduciary net position 8,330,708 7,215,537 (61,357) Net position-beginning 69,592,209 (8,128,299) 72,980 Net position-ending $ 77,922,917 $ (912,762) $ 11,623

CITY OF CULVER CITY, CALIFORNIA
Statement of Changes in Fiduciary Net Position
Fiduciary Funds
For the Year Ended June 30, 2025
See accompanying Notes to the Basic Financial Statements 45 Notes to The Basic Financial Statements
46 The basic financial statements of the City of Culver City, California (the “City”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) as applied to government units. The Governmental Accounting Standards Board (“GASB”) is the accepted standard – setting body for establishing governmental accounting and financial reporting principles. The more significant of the City’s accounting policies are described below.

A. The Reporting Entity
The City was incorporated in 1917 and adopted its current City Charter in 1947. The City Charter establishes the form of government, states the powers and duties of the City Council, and establishes the City’s various executive offices. The City operates under a City Council/City Manager form of government. Under this system, the people elect a City Council of five citizens who serve a term of four years and who is turn appoint a City Manager, Police Chief, Fire Chief, and City Attorney. The City provides the following services as authorized in its charter: public safety (police and fire), planning, public works, human services, bus lines, refuse collection, sewers, and planning and development.

In evaluating how to define the City for financial reporting purposes, management has considered all potential component units. The primary criteria for including a potential component unit within the reporting entity are the governing body’s financial accountability and a financial benefit or burden relationship, if it appoints a voting majority of an organization’s governing body and it is able to impose its will on the organization, or if there is a potential for the organization to provide specific financial benefits to, or impose specific financial burdens on the primary government. A primary government may also be financially accountable if an organization is fiscally dependent on the primary government regardless of whether the organization has a separately elected governing board, a governing board appointed by a higher level of government, or a jointly appointed board, and there is a potential for the organization to provide specific financial benefits to, or impose specific financial burdens on the primary government.

The accompanying basic financial statements present the activities of the City and its component units, the Culver City Housing Authority, the Culver City Parking Authority, and the Culver City Financing Authority.

1. Blended Component Units
Management determined that the following component units should be blended based on the criteria above.

Although the following component units are legally separate from the City, they have been “blended” as though they are part of the City because the component units’ governing body are substantially the same as the City’s and there is a financial benefit or burden relationship between the City and the component units; and the management of the City has operational responsibilities for the component units; and/or the component units provided services entirely, or almost entirely, to the City or otherwise exclusively, benefits the City, even though they do not provide services directly to the City.

The Culver City Housing Authority (the “Housing Authority”) was established in January 2012 to serve as the
Housing Successor Agency for the dissolved Redevelopment Agency and is governed by a board comprised of the City Council. The Housing Authority received the housing assts of the Redevelopment Agency and performs the housing functions of the dissolved Redevelopment Agency. The Housing Authority is reported as a special revenue fund. Separate financial statements are not prepared.

The Culver City Parking Authority (the “Parking Authority”) was created in 1965 pursuant to Section 32500 of the
California Streets and Highways Code for the purpose of creating public parking facilities and undertaking activities incidental thereto for which public money may be spent and private property acquired. The Parking Authority is governed by a board comprised of the City Council and is reported as a special revenue fund.

Separate financial statements are not prepared.

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
504
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
47 The Culver City Financing Authority (the “Financing Authority”) is a joint powers authority between the City and the former Redevelopment Agency and was created to provide financing for capital projects. The Financing Authority is governed by a board comprised of the City Council and is a blended component unit of the City.

Separate financial statements are not prepared.

B. Basis of Accounting and Measurement Focus
The basic financial statements of the City are composed of the following:
• Government – wide financial statements
• Fund financial statements
• Notes to the basic financial statements

1. Government-wide Financial Statements
Government – wide financial statements display information about the reporting government as a whole, except for its fiduciary activities. These statements include separate columns for the governmental and business-type activities of the primary government (including its blended component units). Governmental activities include governmental funds and proprietary internal service funds. Business-type activities include proprietary enterprise funds. Eliminations have been made in the statement of activities so that certain allocated expenses are recorded only once (by the function to which they were allocated). However, general government expenses have not been allocated as indirect expenses to the various functions of the City.

Governmental – wide financial statements are presented using the “economic resources” measurement focus and the accrual basis of accounting. Under the economic resources measurement focus, all (both current and long-term) economic resources and obligations of the reporting government are reported in the government – wide financial statements. Basis of accounting refers to when revenues and expenses are recognized in the accounts and reported in the financial statements. Under the accrual basis of accounting, revenues, expenses, gains, losses, assets, and liabilities resulting from exchange and exchange-like transactions are recognized when the exchange takes place.

Program revenues include 1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function. Program revenues are netted with program expenses in the statement of activities to present the net cost of each program. Taxes and other items not included among program revenues are reported instead as general revenues.

Amounts paid to acquire capital assets are capitalized as assets in the government – wide financial statements, rather than reported as expenses. The issuance of long-term debt is recorded as a liability in the government – wide financial statements, rather than as other financing sources. Amounts paid to reduce long-term indebtedness of the reporting government are reported as a reduction of the related liability, rather than as an expense.

2. Fund Financial Statements
The underlying accounting system of the City is organized and operated on the basis of separate funds, each of which is considered to be a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprises its assets, deferred outflows of resources, liabilities, deferred inflows of resources, fund balance/net position, revenues and expenditures or expenses, as appropriate.

Governmental resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled.

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
504
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 48 3. Governmental Funds
In the fund financial statements, governmental funds are presented using the modified-accrual basis of accounting. Their revenues are recognized when they become measurable and available as net current assets.

Measurable means that the amounts can be estimated, or otherwise determined. Available means that the amounts were collected during the reporting period or soon enough thereafter to be available to finance the expenditures accrued for the reporting period. The City uses an availability period of 60 days.

Revenue recognition is subject to the measurable and availability criteria for the governmental funds in the fund financial statements. Exchange transactions are recognized as revenues in the period in which they are earned (i.e., the related goods or services are provided). Locally imposed derived tax revenues are recognized as revenues in the period in which the underlying exchange transactions upon which they are based takes place.

Imposed nonexchange transactions are recognized as revenues in the period for which they were imposed. If the period of use is not specified, they are recognized as revenues when an enforceable legal claim to the revenues arises or when they are received, whichever occurs first. Government-mandated and voluntary nonexchange transactions are recognized as revenues when all applicable eligibility requirements have been met.

In the fund financial statements, governmental funds are presented using the "current financial resources" measurement focus. This means that only current assets, deferred outflows of resources, current liabilities, and deferred inflows of resources are generally included on the balance sheets. The reported fund balance (net current assets) is considered to be a measure of "available spendable resources." Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Accordingly, they are said to present a summary of sources and uses of "available spendable resources" during a period.

Non-current portions of long-term receivables due to governmental funds are reported on their balance sheets in spite of their spending measurement focus. Special reporting treatments are used to indicate however, that they should not be considered "available spendable resources," since they do not represent net current assets.

Revenues, expenses, assets, liabilities, and deferred inflows resulting from non-exchange transactions are recognized in accordance with the requirements of GASB Statement No.3 and 65 which requires that local governments defer grant revenue that is not received within 60 days after the fiscal year end to meet the "available" criteria of revenue recognition.

Therefore, recognition of governmental fund type revenues represented by non-current receivables are deferred until they become current receivables. Non-current portions of other long-term receivables are of set by fund balance nonspendable accounts for General Fund.

Sales taxes property taxes franchise taxes, intergovernmental, rental income, transient occupancy taxes and special assessments area considered to be susceptible to accrual and have been recognized as revenues in the current fiscal period to the extent normally collected within the availability period. Other revenue items are considered to be measurable and available when cash is received by the government.

Due to the nature of their spending measurement focus expend1ture recognition for governmental fund types excludes amounts represented by noncurrent liabilities. Since they do not affect net current assets such long- term amounts are not recognized as governmental fund type expenditures or fund liabilities.

Amounts expended to acqu1re capital assets are recorded as expenditures in the year that resources were expended rather than as fund assets. The issuance of long-term debt is recorded as other financing sources rather than as a fund liability. Amounts paid to reduce long-term indebtedness are reported as fund expenditures.

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
504
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 49 4. Proprietary Funds
The City's enterprise and internal service funds are proprietary funds. In the fund financial statements the proprietary funds are presented using the "economic resources" measurement focus and the accrual basis of accounting.

Revenues are recognized when they are earned and expenses are recognized when the related goods or services are delivered. In the fund financial statements the proprietary funds are presented using the economic resources measurement focus. This means that all assets and all liabilities (whether current or noncurrent) associated with their activity are included on their statements of net position. The proprietary fund type operating statements present increases (revenues) and decreases (expenses) in total net position.

Proprietary fund operating revenues such as charges for services result from exchange transactions associated with the principal activity of the fund. Exchange transactions are those in which each party receives and gives up essentially equal values. Non-operating revenues such as subsidies taxes and investment earnings result from nonexchange fund transactions or ancillary activities. Amounts paid to acquire capital assets are capitalized as assets in the enterprise financial statements rather than reported as expenditures. Proceeds of long-term debt are recorded as a liability in the enterprise fund financial statements rather than as another financing source. Amounts paid to reduce long-term indebtedness of the enterprise fund are reported as a reduction of the related liability, rather than as expenses.

Internal service funds are also presented in these statements. However, internal service balances and activities have been combined with the governmental activities in the government-wide financial statements. These internal service funds account for charges to other funds and departments for insurance, equipment, maintenance, and equipment acquisition.

5. Fiduciary Funds
Fiduciary fund financial statements include a statement of net position and a statement of changes in fiduciary net position. Fiduciary funds are measured using the “economic resources” measurement focus and the accrual basis of accounting. Fiduciary fund services are delivered by the City’s primary government. The City's fiduciary funds are composed of the custodial funds, private purpose trust fund, and the OPEB trust plan fund. The custodial funds, the private purpose trust fund, and the OPEB trust plan fund are accounted for on the full accrual basis of accounting.
• Successor Agency to the Culver City Redevelopment Agency Trust Fund The fund is used to account for the winding down of the former Redevelopment Agency, including the disposition of real property held by the Agency and payment of enforceable obligations. • Pension (and Other Employee Benefits) Trust Fund
The fund is used to account for the assets of the City's Retiree Health Insurance Program (the Plan), a single- employer defined benefit plan for the City's eligible retired employees and their spouses. • Custodial Funds
Custodial funds are used to account for assets held by the City as an agent for individuals, private organizations, other government units, and/or other funds. A custodial fund such as Treasurer's Trust is used to account for certain funds entrusted with the City Treasurer/Finance department. The Culver City Revitalization Corp is a non- profit corporation created to allow certain funding to be expended on improvements to out-of-city properties adjacent to or abutting in-city properties in Component Area No. 2 of the former Culver City Redevelopment Project Area. The custodial funds are accounted for on the full accrual basis of accounting.

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
504
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 50 C. Fund Classifications
The City reports the following major governmental funds:
• General Fund
This is the primary operating fund of the City. It accounts for all activities of the general government, except those required to be accounted for in another fund.
• Culver City Housing Authority Special Revenue Fund
The fund is used to account for the former Low/Moderate Income Housing Funds transferred to the City under the 2011 Cooperation and Implementation Agreement. It is also anticipated that future funding will be provided from the Successor Agency from the past redevelopment agency repayment obligations. These funds are restricted to be used for qualified low/moderate income housing projects identified in the Agreement.

The City reports the following major enterprise funds
• Refuse Disposal Fund
– This fund is used to account for the operation and the capital assets of the City’s refuse disposal service.
• Municipal Bus Lines Fund – This fund is used to account for the operation and the capital assets of the City's transportation system.
• Sewer Enterprise Fund – This fund is used to account for the maintenance and operation, and the capital assets of the City's sewage disposal service.
• Municipal Fiber Network – This fund is used to account for the installation of open access network where Internet Service Providers("ISP") will utilize the City's fiber infrastructure to service the business community.

D. Cash and Investments
The City polls its available cash for investment purpose. Cash includes cash on hand and demand deposits with financial institutions.

Investments are reported in the accompanying balance sheet at fair value. Changes in fair value that occur during a fiscal year are recognized as investment income reported for that fiscal year. Investment income includes interest earnings, changes in fair value, and any gains or losses realized upon the liquidation or sale of investments. The City polls the cash and investments of all funds, except for assets held by fiscal agents. Each fund's share in this pool is displayed in the accompanying financial statements as cash and investments.

E. Cash Equivalents
For purposes of the statement of cashflows, cash equivalents are defined as short-term, highly liquid investments that are both readily convertible to known amounts of cash or so near their maturity that they present insignificant risk of changes in value because of changes in interest rates and have an original maturity date of 3 months or less. Cash equivalents represent the proprietary funds' share in the cash and investment pool of the City.

F. Fair Value of Measurement
U.S. GAAP defines fair value, establishes a framework for measuring fair value and establishes disclosure about fair value measurement. Investments, unless otherwise specified at fair value in the financial statements, are categorized based upon the level of judgment associated with the inputs used to measure their fair value.

Levels of inputs are as follows:

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
504
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 51 Level 1 – Inputs are unadjusted, quoted prices for identical assets and liabilities in active markets at the measurement date.

Level 2 – Inputs, other than quoted prices included in Level 1, that are observable for the assets and liabilities through corroboration with market data at the measurement date.

Level 3 – Unobservable inputs that reflect management's best estimate of what market participants would use in pricing the assets and liabilities at the measurement date.

G. Inventories
Inventories are stated at cost. Physical counts of inventories are taken on a cyclical basis during each fiscal year with perpetual records adjusted to actual at that time. The City uses the consumption method of accounting for inventories.

H. Interfund Transactions
Activities between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year are referred as either "due to/from other funds" or "advances to/from" (i.e. the current portion of interfund loans). Any residual balances outstanding between the governmental activities and business-type activities are reported 1n the Government-Wide Financial Statements as “internal balances".

I. Capital Assets
Capital assets, which include property, plant, equipment and infrastructure assets, are reported in the applicable governmental or business-type activities columns in the government-wide financial statements.

Capital assets are valued at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are valued at their estimated acquisition value on the date of donation. Capital assets subject to lease obligations are valued at the net present value of future lease payments at the inception of the lease. The City has reported all capital assets including infrastructure in the government-wide statement of net position. The City's policy is to capitalize assets over $5,000 with a useful life of at least three years.

Depreciation of all exhaustible capital assets used by the governmental and business-type activities is charged as an expense against their operations. Accumulated depreciation is reported on the statement of net position.

Depreciation/amortization has been calculated using the straight-line method over the following estimated useful lives.

Buildings and infrastructure 50-65 years
Improvement other than buildings and infrastructure 20 years Refuse transfer station 50 years
Furniture and fixtures 3-5 years
Transportation equipment 5-12 years
Other equipment 3-25 years
Leases and subscriptions 3-5 years
J. Interest Payable
In the government-wide financial statements, interest payable on long-term debt is recognized as the liability incurred for governmental activities and business-type activities. In the fund financial statements, only proprietary fund types recognize the interest payable when the liability is incurred.

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
504
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 52 K. Unearned Revenue
Unearned revenue is recognized for transactions for which revenue has not yet been earned. Typical transactions recorded as unearned revenues are prepaid charges for services and grants received but not yet earned/ expended.

L. Deferred Outflows and Inflows of Resources
The City reports deferred outflows and inflows of resources. A deferred outflow of resources represents a consumption of net assets that is applicable to a future reporting period. A deferred inflow of resources represents an acquisition of net assets that is applicable to a future period.

Under the modified accrual basis of accounting, revenue susceptible to accrual must be both measurable and available to finance expenditures of the current fiscal period. If assets are reported in connection with a transaction, but those assets are not yet available to finance expenditures of the current fiscal period, then the assets must be of set by a corresponding deferred inflow of resources.

M. Long-term Debt
In the government-wide financial statements, long-term debt and other long-term obligations are reported as labilities in the appropriate activities. Bond premiums and discounts are deferred and amortized over the life of the bonds using the effective interest method. Bonds payable are reported net of the applicable bond premium or discount.

In the fund financial statements, the governmental fund financial statements do not present long-term labilities.

Consequently, long-term debt is shown as a reconciling item ln the reconciliation of the governmental funds balance sheet to the government-wide statement of net position.

N. Pension Plans
For purposes of measuring the net pension lability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the plans and additions to/deductions from the plans fiduciary net position have been determined on the same basis as they are reported by the plans. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with benefit terms. Investments are reported at fair value.

The following timeframes are used for pension reporting Pension Plan Valuation
Valuation Date June 30, 2023
Measurement Date June 30, 2024
Measurement Period July 1, 2023 to June 30, 2024
Gains and losses related to changes in total pension liability and fiduciary net position are recognized in pension expense systematically overtime. The first amortized amounts are recognized in pension expense for the year the gain or loss occurs. The remaining amounts are categorized as deferred outflows and deferred inflows of resources related to pensions and are to be recognized in future pension expense. The amortization period differs depending on the source of gain or loss. The difference between projected and actual earnings is amortized straight-line over 5 years. All other amounts are amortized straight-line over the average expected remaining service lives of all members that are provided with benefits (active, inactive, and retired) as of the beginning of the measurement period.

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
504
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 53 O. Other Postemployment Benefits (“OPEB”)
For purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the Culver City Retiree Benefits Plan ("OPEB Plan") and additions to/deductions from OPEB Plan's fiduciary net position have been determined on the same basis as they are reported by the Plan. For this purpose, the OPEB Plan recognizes benefit payments when due and payable in accordance with the benefit terms. Investments are reported at fair value, except for money market investments, which are reported at amortized cost.

The following timeframes are used for pension reporting OPEB Plan Valuation
Valuation Date June 30, 2023
Measurement Date June 30, 2025
Measurement Period July 1, 2024 to June 30, 2025
Gains and losses related to changes in total OPEB liability and fiduciary net position are recognized in OPEB expense systematically overtime. The first amortized amounts are recognized in OPEB expense for the year the gain or loss occurs. The remaining amounts are categorized as deferred outflows and deferred inflows of resources related to OPEB and are to be recognized in future OPEB expense. The amortization period differs depending on the source of gain or loss. The difference between projected and actual earnings is amortized on a straight-line basis over 5 years. All other amounts are amortized on a straight-line basis over the average expected remaining service lives of all members that are provided with benefits (active, inactive, and retired) at the beginning of the measurement period.

P. Employee Leave Benefits
A liability is recorded for unused vacation and similar compensatory leave balances since the employees' entitlement to these balances are attributable to services already rendered and it is probable that virtually all of these balances will be liquidated by either paid time off or payments upon termination or retirement.

A liability is recorded for unused sick leave balances only to the extent that it is probable that the unused balances will result in termination payments. This is estimated by including in the liability the unused balances of employees currently entitled to receive termination payment, as well as those who are expected to become eligible to receive termination benefits as a result of continuing their employment with the City. Other amounts of unused sick leave are excluded from the liability since their payment is contingent solely upon the occurrence of a future event (illness) which is outside the control of the City and the employee.

A proprietary fund liability is accrued for a leave benefits relating to the operations of the Proprietary funds. A current liability is accrued in the governmental fund for material leave benefits due on demand to governmental fund employees that have terminated prior to fiscal year end. All other amounts are recorded in the government- wide financial statements. These non-current amounts will be recorded as fund expenditures in the year in which they are paid or become due on demand to terminated employees.

The City's employees earn vacation leave (vary depending on years of service) based on days employed. Upon retirement or termination, payment of accumulated vacation may not exceed that which can be accumulated within two years for employees. Unused sick leave, based on days employed, may be accumulated up to certain limits. Upon retirement or termination, employees will be paid a maximum of 720 hours of sick pay.

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
504
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 54 Q. Claims and Judgments
The City records a liability for litigation, Judgments, and claims when it is probable that an asset has been impaired or a liability (including incurred but not reported) has been incurred prior to fiscal year end and the probable amount of loss (net of any insurance coverage) can be reasonably estimated. This liability is recorded in the Risk Management Internal Service Fund.

R. Property Taxes
Under California law, property taxes are assessed and collected by the countless up to 1% of assessed value, plus other increases approved by the voters. The property taxes go on to the county pool, and are then apportioned to the cities based on complex formulas. Accordingly, the City accrues only those taxes which are received within 60 days after year end.

The property tax calendars as follows
Lien Date: January 1
Levy Date: June 30
Due Date: First Installment – November 1
Second Installment – February 1
Delinquent Date: First Installment – December 10
Second Installment – April 10
S. Net Position
In the government-wide financial statements and proprietary fund financial statements, net position is classified as follows
Net Investment in Capital Assets – This component of net position consists of capital assets (including reported intangible assets) net of accumulated depreciation/amortization and reduced by outstanding debt that is attributed to the acquisition, construction or improvement of the assets (net of unspent debt proceeds), retention payable and related deferred outflows and inflows of resources.

Restricted
– This component of net position consists of restricted assets, and reduced by liabilities and deferred inflows of resources related to those assets.

Unrestricted – This component of net position is the amount of the assets, deferred outflows of resources, liabilities, and deferred inflows of resources that are not included in the determination of net investment in capital assets or the restricted component of net position.

T. Fund Balances
In the fund financial statements, governmental funds report fund ba1ance as nonspendable, restricted, committed assigned, or unassigned based primarily on the extent to which the City is bound to honor constraints on how specific amounts can be spent.
• Nonspendable fund balance – amounts that cannot be spent because they are either (a) not spendable in form or (b) legally or contractually required to be maintained intact. • Restricted fund balance – amounts with constraints placed on their use that are either (a) externally imposed by creditors, grantors, contributors, or laws or regulations of other governments or (b) imposed by law through constitutional provisions or enabling legislation.

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
504
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 55 • Committed fund balance – amounts that can only be used for specific purposes determined by formal action of the City's highest level of decision-making authority (the City Counci1) and that remain binding unless removed in the same manner. The underlying action that imposed the limitation needs to occur no later than the close of the reporting period. Resolution is the highest level of the City Council's approval. The City Council establishes, modifies or rescinds fund balance commitments by passage of a resolution. • Assigned fund balance – amounts that are constrained by the City's intent to be used for specific purposes.

The intent can be established at either the highest level of decision making, or by a body or an official designated for that purpose. The officials designated for authorizing assigned fund balances are the Chief Financial Officer and the City Manager by Council Resolution approved in the July 25, 2011, City Council Meeting and by City Fund Balance Policy.
• Unassigned fund balance – the residual classification for the City's funds that include amounts not contained in the other classification. The General fund is the only fund that reports a positive unassigned fund balance amount. However, if governmental funds other than the General Fund, had expenditures incurred for specific purposes exceed the amounts that are restricted, committed, or assigned to those purposes, it may be necessary to report a negative unassigned fund balance in that fund.

Financial Reserves Policy
Prudent financial management dictates that some portion of the funds available to the City be reserved for future use.

As a general budget principle concerning the use of reserves, the City Council decides whether to appropriate funds from Reserve accounts. Even though a project or other expenditure qualifies as a proper use of Reserves, the Council may decide that it is more beneficial to use current year operating revenues or bond proceeds instead, thereby retaining the Reserve funds for future use. Reserve funds will not be spent for any function other than the specific purpose of the Reserve account from which they are drawn without specific direction in the annual budget or by a separate City Council action. Information regarding annual budget adopt on and administration is contained in City Council Policy 501, included in the annual budget document.

The City Council has imposed the following commitments of fund balance in the General Fund to establish reserves:

1. Contingency Reserve The Contingency Reserve shall have a target balance of thirty percent (30%) of General Fund "Operating Budget" as originally adopted. Operating Budget for this purpose shall include current expenditure appropriations and shall exclude Capital Improvement Projects and Transfers Out.

Appropriation and/or access to these funds are reserved for emergency situations only. The parameters by which the Contingency Reserve could be accessed would include the following circumstances:
a. A catastrophic loss of critical infrastructure requiring an expenditure of greater than or equal to five percent (5%) of the General Fund, Operating Budget, as defined above. b. A State or Federally declared state of emergency where the City response or related City loss is greater than or equal to five percent (5%) of the General Fund, Operating Budget. c. Any settlement arising from a claim or Judgment where the loss exceeds the City's insured policy coverage by an amount greater than or equal to five percent (5%) of the General Fund, Operating Budget. d. Deviation from budgeted revenue projections in the top three General Fund revenue categories, namely, Sales Taxes, Utility Users' Taxes and Business Taxes in accumulative amount greater than or equal to five percent (5%) of the General Fund, Operating Budget.

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
504
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 56 e. Any action by another government that eliminates or shifts revenues from the City amounting to greater than or equal to five percent (5%) of the General Fund, Operating Budget. f. In ability of the City to meet its debt service obligations in any given year. g. Any combination of factors a.-f. amounting to greater than or equal to five percent (5%) of the General Fund, Operating Budget in anyone fiscal year.

Use of the Contingency Reserve must be approved by the City Council. Should the Contingency Reserve commitment reserve be used, the City Manager shall present a plan to City Council to replenish the reserve within five years.

2. Facilities Planning Reserve: The Facilities Planning Reserve has been established to offset the cost of replacement or major refurbishment to critical City facilities such as, but not limited to, the City Hall building and Police Department buildings, Fire Stations, and other Facility Improvement Projects. Use of this Reserve must be approved by City Council. This Reserve shall be funded by a locations of General Fund surplus revenues, as defined later in this policy, or by specific City Council allocations. The eligible uses of this reserve include the cash funding of public facility improvements or the servicing of related debt.

3. Recreational Facilities: City Council Policy 5003 requires ten percent (10%) of gross annual revenues derived from specified recreational classes and rentals to be set aside for the refurbishment of certain recreational facilities, fee-based activity programs and equipment used in connection with fee-based recreation classes.

U. Spending Policy
Government-Wide Financial Statements and the Proprietary Fund Financial1 Statements When expenses are incurred for purposes for which both restricted and unrestricted components of net position are available, the City's policy is to apply the restricted component of net position first, then the unrestricted component of net position as needed.

Governmental Fund Financial Statements
When expenditures are incurred for purposes for which both restricted and unrestricted fund balances are available, the City's policy is to apply restricted fund balances first, then apply unrestricted fund balances as needed.

When expenditures are incurred for purposes where only unrestricted fund balances are available, the City uses the unrestricted resources in the order of committed, assigned then unassigned, except for instances where in an ordinance specifies the fund balance.

V. Use of Estimates
The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
504
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 57 W. New Accounting Pronouncements
GASB Statement No. 101 – In June 2022, the GASB issued Statement No. 101, Compensated Absences. The objective of this Statement is to better meet the information needs of financial statement users by updating the recognition and measurement guidance for compensated absences. That objective is achieved by aligning the recognition and measurement guidance under a unified model and by amending certain previously required disclosures. The requirements of this Statement are effective for fiscal years beginning after December 15, 2023, and all reporting periods thereafter. The City has evaluated the impact of this statement and made adjustments as noted in footnote 15.

GASB Statement No. 102 – In December 2023, the GASB issued Statement No. 102, Certain Risk Disclosures.

The objective of this Statement is to provide users of government financial statements with essential information about risks related to a state or local government’s vulnerabilities due to the variety of risks they face. The requirements of this Statement are effective for fiscal years beginning after June 15, 2024. The City has not determined the effect on the financial statements. The City has evaluated the impact of this statement and determined that no additional disclosures are necessary at this time.

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
504
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 58 A. Deficit Fund Balances/Net Position
As of June 30, 2025, (deficit) fund balances/net position were reported in the following funds Major Proprietary Funds:

Municipal Fiber Network Fund $ (9,950,214)
Nonmajor Governmental Funds:

Operating Grants (1,305,586)
Building Surcharge (146,796)
Paratransit (19,162)
CDBG Capital Projects (10,291)
Internal Service Funds:

Equipment Maintenance Fund (14,826,434)
Risk Management Fund (14,627,028)
Fiduciary Fund:

Private Purpose Trust Fund (912,762)
The material deficits are expected to be eliminated as follows:

Municipal Fiber Network Fund – The deficit is due to the construction of an open access network where internet service providers will be able to utilize the City's fiber infrastructure to serve the business community. The City is expecting that this will generate revenue for them and allow them to operate with surplus soon.

Operating Grants – The deficit will be eliminated after grant reimbursements are received past the available period and when unavailable revenue is recognized as revenue.

Building Surcharge – The deficit fund balance is due to planning and development and capital outlay purchases during fiscal year 2025. The deficit will be reimbursed by building surcharges in the coming fiscal years.

Paratransit Fund – The deficit will be eliminated after grant monies are received after the availability period and unavailable revenue is recognized as revenue.

CDBG Capital Projects – The deficit will be elminated after grant reimbursements are received after the availability period.

Equipment Maintenance Fund – The City intends to implement a plan to increase charges to user departments to reduce the deficit fund balance over the upcoming several years. The deficit is primarily due to the inclusion of the net pension liability and net OPEB liability totaling $14,826,434.

Risk Management Fund – The City is analyzing the trend for recent increases in the incurred, but not reported claims liability as determined by its actuary. The deficit is partially due to the estimated claims liability in the amount of $14,627,028. The deficit will be recovered from charging the user departments in the future.

Private Purpose Trust Fund – The deficit will be eliminated after tax increment revenue is distributed to the City's Successor Agency.

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
NOTE 2 - STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY
59 The City also had a deficit unrestricted net position for governmental activities and business-type activities at June 30, 2025, in the amount of $174,813,992 and $25,213,793, respectively. It was mainly due to the net pension related liabilities and net other postemployment benefits related liabilities. The net pension liabilities for governmental activities and business-type activities at June 30, 2025, were $271,537,095 and $40,704,772, respectively. The total other postemployment benefits liabilities for governmental activities and business-type activities at June 30, 2025, were $38,388,620 and $5,705,820, respectively.

B. Excess of Expenditures Over Appropriations by Department in Individual Funds Fund Expenditures Appropriations
Excess of
Expenditures
Over
Appropriations
Major Governmental Funds:

General Fund:

General government $ -
Police $ 57,055,644 $ 56,559,062 $ (496,582)
Fire 36,094,078 34,907,005 (1,187,073)
Capital outlay 7,333,949 753,925 (6,580,024)
Principal payments 2,379,622 - (2,379,622)
Interest 173,522 - (173,522)
Capital Projects Funds
Capital Improvement and Acquisition
Planning and development 336,200 - (336,200)
Principal 64,468 - (64,468)
Nonmajor Governmental Funds:

Special Revenue Funds:

Operating Grants
Planning and development -
Housing and human services 2,896,206 598,831 (2,297,375) Transportation 23,704 - (23,704)
Capital outlay 1,639,832 312,427 (1,327,405)
Principal payments 168,467 - (168,467)
Interest 4,010 - (4,010)
C. Encumbrances
Encumbrances are used to assure effective budgetary control and accountability. Encumbrances are estimation of costs related to contracts underperformed and purchase orders not yet filled. Commitment such as contracts unperformed and purchase orders not yet filled at year end are reserved and do not constitute expenditures or estimated liabilities. The total encumbrances for the governmental funds as of June 30, 2025, are as follows:

General Fund $ 3,969,980
Culver City Housing Authority 615,003
Nonmajor Governmental Funds 12,233,612
$ 16,818,595

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
NOTE 2 - STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY (CONTINUED) 60 Cash and investments as of June 30, 2025, are classified in the accompanying financial statements as follows Government-Wide Financial
Statement
Governmental
Activities
Business-Type
Activities Fiduciary Funds Total
Cash and Investments $ 210,443,503 $ 57,946,494 $ 10,225,261 $ 278,615,258 Cash and Investments Held with Fiscal Agents and Trustee - 8 472,516 472,524 Restricted Cash and Investments Held by OPEB Trust - - 77,922,917 77,922,917 Restricted Investments Held by Pension Trust 35,085,249 - - 35,085,249 Total Cash and Investments $ 245,528,752 $ 57,946,502 $ 88,620,694 $ 392,095,948 Cash and investments as of June 30, 2025 consisted of the following:

Cash:

Petty Cash $ 4,750
Demand Deposits 9,159,364
Total Cash 9,164,114
Mutual Funds 77,922,917
Investments 305,008,917
Total $ 392,095,948
Investments Authorized by the California Government Code and the City's Investment Policy This table identifies the investment types that are authorized for the City by the California Government Code and the City's investment policy. The table also identifies certain provisions of the California Government Code (or the City's investment policy, if more restrictive) that address interest rate risk and concentration of credit risk. This table does not address investments of debt proceeds held by bond trustees that are governed by the provisions of debt agreements of the City, rather than the general provisions of the California Government Code or the City's investment policy.

Maximum Maximum
Authorized by Maximum Percentage Investment
Investment Types Authorized by State Law Investment Policy Maturity * of Portfolio * in One Issuer Local agency bonds Yes 3-5 years 30% 5%
US Treasury Obligations Yes 5 Years N/A No Limit
US Government's Sponsored Enterprise Securities Yes 5 Years N/A 30% Banker's Acceptances Yes 180 Days 25% 5%
Commercial Paper Yes 270 Days 25% 5%
Repurchase Agreements Yes 75 Days 25% No Limit
Reverse Repurchase Agreements Yes 75 Days 15% No Limit
Corporate Medium-Term Notes Yes 3 - 5 Years 30% 5%
Money Market Mutual Funds Yes N/A 20% 10%
Local Agency Investment Fund (LAIF) Yes N/A N/A $75 Million Cal Trust Money Market Funds and Short-Term Funds Yes N/A N/A No Limit Cal Trust Medium-Term Funds Yes N/A 30% No Limit
N/A - Not Applicable
*Based on State Law Requirements or Investment Policy Requirements, whichever is more restrictive.

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
NOTE 3 - CASH AND INVESTMENTS
61 Investments Authorized by Debt Agreements
Investment of debt proceeds held by fiscal agent is governed by provisions of the debt agreements rather than the general provisions of the California Government Code or the City's investment policy. The table below identifies the investment types that are authorized for investments held by bond trustee. The table also identifies certain provisions of these debt agreements that address interest rate risk and concentration of credit risk.

Authorized Investment Types
Maximum
Maturity
Maximum
Percentage
of Portfolio
Maximum
Investment in
One Issuer
US Treasury Obligations None None None
US Government's Sponsored Enterprise Securities None None None Banker's Acceptances 360 days None None
Commercial Paper 270 days None None
Money Market Mutual Funds None None None
Investment Agreements None None None
Local Agency Bonds None None None
Medium Term Notes None None None
Negotiable Certificate of Deposits None None None
Local Agency Investment Fund (LAIF) None None None
Fair Value Measurement
At June 30, 2025, investments are reported at fair value. The following table presents the fair value measurement of investments on are curling basis and the levels within the fair value hierarchy in which the fair value measurements fall at June 30, 2025:

Investment Type
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant
Observable Inputs
(Level 2)
Investments Not
Subject to the
Measurement
Inputs Total
Treasury Obligations $ - $ 76,760,347 $ - $ 76,760,347
State Investment Pool - - 91,561,065 91,561,065
US Government Sponsored Enterprise Securities(1) - 74,186,433 - 74,186,433 Money Market Mutual Funds(1) - 2,893,417 - 2,893,417 Medium-Term Notes(1) - 24,049,882 - 24,049,882
Cash and Investment Held with Fiscal Agents:

Money Market Mutual Funds - 472,524 - 472,524
Restricted Investments Held by Pension and OPEB Trusts:

Money Market Mutual Funds - - 725,901 725,901
OPEB Trust Money Market Mutual Funds - 112,282,265 - 112,282,265 Total $ - $ 290,644,868 $ 92,286,966 $ 382,931,834
(1) Priced based on institutional bond quotes.

For Level 2 investments, the City and the third-party trustees that hold the City's assets utilize the Market Approach in valuing the investment portfolio through the use of a pricing service that utilized matrix pricing. The market approach utilizes prices and other relevant data from market transactions for similar assets.

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
NOTE 3 - CASH AND INVESTMENTS (CONTINUED)
62 Disclosures Relating to Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value to changes in market interest rates. One of the ways that the City manages its exposure to interest rate risk is by purchasing a combination of shorter term and longer-term investments and by timing cash flows from maturities so that a portion of the portfolio is maturing or coming close to maturity evenly overtime as necessary to provide the cash flow and liquidity needed for operations.

Information about the sensitivity of the fair values of the City's investments (including investments held by bond trustee) to market interest rate fluctuations is provided by the following table that shows the distribution of the City's investments by maturity. For purposes of the schedule shown below, any callable securities are assumed to be held to maturity.

Investment Maturities (in Years)
Investment Type Fair Value Less Than 1 Year 1 to 2 Years 2 to 3 Years 3 to 4 Years 4 to 5 Years Treasury obligations $ 76,760,347 $ 21,445,014 $ 12,661,363 $ 13,466,693 $ 15,373,873 $ 13,813,404 State investment pool 91,561,065 91,561,065 - - - - US Government sponsored
enterprise securities (1) 74,186,433 15,366,956 23,379,285 19,108,560 9,067,383 7,264,249 Money market mutual funds (1) 2,893,417 2,893,417 - - - - Medium-term notes (1) 24,049,882 6,150,450 5,781,789 6,272,649 2,781,894 3,063,100 Cash and investment held with
fiscal agents:

Money market mutual funds 472,524 472,524 - - - - Restricted investments held by
pension and OPEB trusts:

Money market mutual funds 725,901 725,901 - - - - OPEB Trust money mutual funds 112,282,265 112,282,265 - - - - Total $ 382,931,834 $ 250,897,592 $ 41,822,437 $ 38,847,902 $ 27,223,150 $ 24,140,753 Concentration of Credit Risk
The investment policy of the City contains no limitations on the amount that can be invested in any one issuer beyond that stipulated by the California Government Code. Investments in any one issuer (other than U.S.

Treasury securities, mutual funds, and external investment pools) that represent 5% or more of total City investments are as follows
Issuer Investment Amount
Reported
Amount Maturity % of the Portfolio
Federal Home Loan Bank US Government Sponsored Enterprise Securities $ 27,963,220 2025-2030 7.30 % Federal Farm Credit Bank US Government Sponsored Enterprise Securities 34,549,466 2025-2030 9.02 % Fannie Mae US Government Sponsored Enterprise Securities 7,030,686 2025-2027 1.84 % Freddie Mac US Government Sponsored Enterprise Securities 4,643,062 2025-2029 1.21 % Custodial Credit Risk
Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution, a government will not be able to recover its deposits or will not be able to recover collateral securities that are in the possession of an outside party.

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
NOTE 3 - CASH AND INVESTMENTS (CONTINUED)
63 The custodial credit risk for investments is the risk that, in the event of the failure of the counterparty (e.g., broker- dealer) to a transaction, a government will not be able to recover the value of its investment or collateral securities that are in the possession of another party. The California Government Code and the City's investment policy do not contain legal or policy requirements that would limit the exposure to custodial credit risk for deposits or investments.

Disclosures Related to Credit Risk
The market value of pledged securities must equal at least 10% of the City’s cash deposits. California law also allows institutions to secure City deposits by pledging first trust deed mortgage notes having a value of 150% of the City’s total cash deposits. The City may waive collateral requirements for cash deposits, which are fully insured up to $250,000 by the Federal Deposit Insurance Corporation ("FDIC"). The City did not waive the collateral requirement for deposits insured by FDIC.

For investments identified herein as held by bond trustee, the bond trustee elects the investment under the terms of applicable trust agreement, acquires the investment, and holds the investment on behalf of the reporting government.

Investment in State Investment Pool
The City is a participant in Local Agency Investment Fund ("LAIF") which is regulated by California Code Section 16429 under the oversight of the Treasurer of the State of California. The City’s investments in LAIF at June 30, 2025, included a portion of pool funds invested in Structured Notes and Asset-Backed Securities:

Structured Notes are debt securities (other than asset-backed securities) whose cash-flow characteristics (coupon rate, redemption amount, or stated maturity) depend upon one or more indices and/or that have embedded forwards or options.

Asset – Backed Securities, the bulk of which are mortgage-backed securities, entIt1e their purchases to receive a share of the cash-flows from pool of assets such as principal and interest repayments from a pool of mortgages (such as Collateralized Mortgage Obligations) or credit card receivables.

As of June 30, 2025, the City had $91,561,065 invested in LAIF, which had invested 2.02% of the pool investment funds in Structured Notes and Asset-Backed Securities. LAIF determines fair value on its investment portfolio based on market quotations for those securities where market quotations are readily available and based on amortized cost or best estimate for those securities where market value is not readily available. The investment in LAIF is reported at amortized cost. The credit quality rating of LAIF is unrated as of June 30, 2025.

Restricted Investments Held by Pension and OPEB Trust
The City established a Section 115 Postemployment Trust (the "Trust") in 2018. The investment was held by the trustee and the trust is irrevocable. As of June 30, 2025, the City reported restricted investments held by the Pension Trust in the amount of $35,085,249.

The OPEB trust reported a total investment of $112,282,265 at June 30, 2025. The OPEB Trust Plan is reported as a fiduciary fund.

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
NOTE 3 - CASH AND INVESTMENTS (CONTINUED)
64 A. Internal Balances
At June 30, 2025, the City had following internal receivable and payable, which represents internal service charges between the governmental activities and business type activities:

Internal Payable
Internal Receivable Business-Type Activities
Governmental Activities $ 26,198,698
B. Due From and To Other Funds
At June 30, 2025, the individual fund interfund receivable payable balances are as follows:

Due From Other Funds
Governmental Funds Proprietary Funds
Due To Other Funds
General
Funds
Culver City
Housing Authority
Nonmajor
Governmental
Funds
Municipal
Fiber Network
Internal
Service Fund Total
Governmental Funds:

General Funds $ - $ 15,823 $ 1,457,135 $ 3,013,505 $ 5,789,166 $ 10,275,629 Culver City Housing Authority 22,000 - - - - 22,000 Nonmajor Governmental Funds 3,694 6,023 - - - 9,717 Proprietary Funds:

Internal Service Funds - - 210 - - 210
Total $ 25,694 $ 21,846 $ 1,457,345 $ 3,013,505 $ 5,789,166 $ 10,307,556 Interfund balances are the result of short-term borrowing to cover negative cash balances and operating shortages at June 30, 2025, as well as from the time lag between the dates that reimbursable expenditures occur and the dates the related revenues are received. All balances are expected to be reimbursed within the subsequent year.

C. Advances To and From Other Funds
At June 30, 2025, the individual fund advances to from balances are as follows:

Advances to
Other Funds
Advances From Other Funds General Fund
Proprietary Funds:

Municipal Fiber Network $ 16,289,116
At June 30, 2025, the Municipal Fiber Network Fund owes the General Fund $16,289,116 including accrued interest of $1,886,521 to cover the initial construction costs, one year of operating costs and for a number of initial lateral connections.

The advance is structured to allow repayment at the point where revenues exceed operating and depreciation costs. The loan accrues interest at the rates ranging from 1.29% to 4.43%. The advance was increased to cover additional accrued interest of $690,798.

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
NOTE 4 - INTERFUND BALANCES
65 D. Transfers In and Out
Government-Wide Financial Statements
Transfers In
Transfers Out Business - Type Activities
Governmental Activities $ 827,587
Fund Financial Statements
For the year ended June 30, 2025, transfers In and out consisted of the following:

Transfers In
Governmental Funds Proprietary Funds
Transfers Out
General
Fund
Capital
Improvements
and Acquisition
Nonmajor
Governmental
Funds
Municipal
Bus Lines
Fund
Internal
Service
Fund Total
Governmental Funds:

General Funds $ - $ 12,327,804 $ - $ - $ 5,200,000 $ 17,527,804 Culver City Housing Authority 750,000 - - - - 750,000 Capital Improvements and Acquisition 495,688 - - - - 495,688 Nonmajor Governmental Funds 2,020,030 - 598,090 1,063,111 - 3,681,231 Proprietary Funds:

Municipal Bus Lines Fund 100,000 - 135,524 - - 235,524 Total $ 3,365,718 $ 12,327,804 $ 733,614 $ 1,063,111 $ 5,200,000 $ 22,690,247 • Transfers from Culver City Housing Authority Fund to General Fund in the amount of $750,000 were to support housing administration costs.
• Transfers from Nonmajor Governmental Funds (Special Gas Tax Fund in the amount of $400,000, Art in Public Places Fund in the amount of $186,330, and Culver City Parking Authority Fund in the amount of $1,433,700) to General Fund to support capital improvement related projects, street and parking related maintenance costs, and parking related costs.
• Transfers from General Fund to Nonmajor Governmental Funds in the amount of $598,090 to support capital improvement related projects.
• Transfers from Nonmajor Governmental Funds to Nonmajor Governmental Funds in the amount of $598,090, and from Municipal Bus Lines to the General fund of $100,000 and to Nonmajor governmental funds of $135,524 were to offset operating and personal costs of the Paratransit Program reported under the Operating Grants Fund, consolidate parking related costs, and set up funds. • Transfers from Nonmajor Governmental Funds to Municipal Bus Lines Fund In the amount of $1,063,111 were to pay for eligible transit related expenses.
• Transfers from General Fund to Internal Service Fund in the amount of $5,200,000 were to fund claims liability in the Risk Management Fund.

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
NOTE 4 - INTERFUND BALANCES (CONTINUED)
66 At June 30, 2025, the City had $20,049,840 including both Governmental Activities and Business-Type Activities in various notes receivable as follows:

Amount
Governmental Activities
General Fund:

All Other Under $200,000 individually $ 1,322
Total General Fund 1,322
Culver City Housing Authority Special Revenue Fund:

Tilden Terrace - Residential 11,805,000
Habitat for Humanity of Greater Los Angeles 3,100,000
Culver City Mobile Home Owners, Inc. 1,047,104
Menorah Senior Housing 1,205,778
MAP Loans 542,740
Exceptional Children's Foundation Westside Opportunity Workshop 387,500 Homeowners Made Easy 412,250
Exceptional Children's Foundation ERAS Loans 305,060
Subtotal 18,805,432
Less: Allowance (2,151,914)
Total Culver City Housing Authority Special Revenue Fund, Net 16,653,518 Nonmajor Funds:

Tilden Terrace - Commercial 3,395,000
Total Nonmajor Fund 3,395,000
Total Governmental Activities $ 20,049,840
Business - Type Activities:

Sewer Enterprise Fund:

Other Notes Receivables $ 1,195
Less: Allowance (1,195)
Total Sewer Enterprise Fund -
Total Business - Type Activities $ -
A. Culver City Mobile Home Owners Inc.

On December 17, 1990, the former Culver City Redevelopment Agency entered in to a promissory note with Culver City Mobile Home Owners, Inc. with a maximum loan amount in the amount of $880,500 with 7% interest rate. Following the dissolution of the former Culver City Redevelopment Agency, the loan was transferred to the Housing Authority. The balance of the promissory note with accrued interest at June 30, 2025, was $1,047,104.

B. MAP Loans
The Housing Authority provides loan programs to the homeowners of the City. The deferred loans are to be repaid upon sales of the home. As of June 30, 2025, all outstanding balances totaled to $542,740.

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025

NOTE 5 - NOTES RECEIVABLE
67 C. Tilden Terrace-Residential
On February 2, 2012, the former Culver City Redevelopment Agency entered into a promissory note with Tilden Terrace, L.P. in the amount of $11,805,000 with 3% interest rate. Following the dissolution of the former Culver City Redevelopment Agency, the loan was transferred to the Housing Authority. The balance of the promissory note at June 30, 2025, was $11,805,000.

D. Homeownership Made Easy
On April 20, 1992, the former Culver City Redevelopment Agency entered into a home loan agreement with Homeownership Made Easy in the amount of $412,250 with no interest. Following the dissolution of the former Culver City Redevelopment Agency, the loan was transferred to the Housing Authority. The balance of the home loan at June 30, 2025, was $412,250.

E. Exceptional Children’s Foundation ERAS Loans
On October 1, 1990, the former Culver City Redevelopment Agency entered into loan agreement with Educational Resources and Services Center Home ("ERAS"), a not-for-profit organization for the development of 6-unit group home for the developmentally disabled low-and-moderate income persons. On May 12, 2008, an assignment and assumption agreement were entered into, and the loan was assigned by ERAS to Exceptional Children’s Foundation, another not-for-profit organization. Following the dissolution of the former Culver City Redevelopment Agency, the loan was transferred to the Housing Authority. As of June 30, 2025, the outstanding balance of the loan was in the amount of $305,060.

F. Exceptional Children’s Foundation Westside opportunity Workshop On February 1, 1991, the former Culver City Redevelopment Agency entered into Financing Assistance Agreement w1th Westside Opportunity Workshop ("WOW"), a not-for-profit organization, to purchase a property in the City in the amount of $390,500. The property is to be used as a group home for developmentally disabled low-and-moderate income persons. On March 8, 2014, an assignment and assumption agreement was entered into, and the loan was assigned by WOW to Exceptional Children’s Foundation, another not-for-profit organization. Following the dissolution of the former Culver City Redevelopment Agency, the loan was transferred to the Housing Authority. As of June 30, 2025, the outstanding balance of the loan was in the amount of $387,500.

G. Habitat For Humanity of Greater Los Angeles
The Housing Authority provides loan programs to the homeowners of the City. The deferred loans are to be repaid upon the sale of the home. As of June 30, 2025, an outstanding balances totaled to $3,100,000.

H. Tilden Terrace - Commercial
On February 2, 2012, the former Culver C1ty Redevelopment Agency entered into a promissory note with Tilden Terrace, L.P. in the amount of $3,395,000 with 3% interest rate. Following the dissolution of the former Culver City Redevelopment Agency, the loan was transferred to the Housing Authority. The balance of the promissory note at June 30, 2025, was $3,395,000. The principal is not due until June 30, 2067.

I. Menorah Senior Housing
On September 26, 1991, the former Culver City Redevelopment Agency entered into a loan agreement with Jewish Federation - Council of Greater Los Angeles, a community based nonprofit corporation, in the amount of $1,205,778 with 3% interest rate for the development of affordable housing for senior citizens and physically handicapped persons of low income. Following the dissolution of the former Culver City Redevelopment Agency, the loan was transferred to the Housing Authority. As of June 30, 2025, the outstanding balance of the loan was in the amount of $1,205,778.

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025

NOTE 5 - NOTES RECEIVABLE (CONTINUED)
68 The City entered into various Indefeasible Right-to-Use (IRU) contracts for the use of the City's dark fiber cables and access to and use of associated property from the City. Payments vary per contract provisions and the terms range from 5 to 20 years with discount rates at 3.0%.

The City also leases a piece of commercial property for five years with interest rate of 2%.

The City's lease receivable is measured at the present value of lease payments expected to be received during the lease term. At June 30, 2025, the total lease receivable and deferred inflows of resources for the above leases were $406,136 and $363,266, respectively for the governmental activities, leases related to business-type activities ended during the 2025 fiscal year.

A deferred Inflow of resources is recorded at the initiation of the lease in an amount equal to the initial recording of the lease receivable. The deferred Inflow of resources Is amortized on a straight Iine basis over the term of the lease.

The future lease receipts for these leases are as follow:

Governmental Activities
Fiscal Year Ended
Year Ending June 30 Principal Interest Total
2026 $ 103,748 $ 10,994 $ 114,742
2027 75,826 8,806 84,632
2028 12,136 7,930 20,066
2029 13,163 7,505 20,668
2030 14,243 7,044 21,287
2031-2035 89,494 26,916 116,410
2036-2040 97,526 8,815 106,341
Total $ 406,136 $ 78,010 $ 484,146

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
NOTE 6 - LEASE RECEIVABLE
69 A. Governmental Activities
Summary of changes in capital assets for governmental activities for the year ended June 30, 2025, are as follows:

Governmental Activities
Balance Balance
June 30, 2024 Additions Deletions Transfers June 30, 2025 Capital assets, not being depreciated/amortized
Land $ 39,345,052 $ - $ - $ - $ 39,345,052
Construction-in-progress 28,239,239 5,897,816 - (6,756,153) 27,380,902 Total capital assets, not being depreciated/amortized 67,584,291 5,897,816 - (6,756,153) 66,725,954 Capital assets, being depreciated/amortized
Buildings 100,601,592 - - - 100,601,592
Improvements 48,722,623 2,084,620 (3,647) 1,083,592 51,887,188 Machinery and Equipment 56,386,214 3,688,504 (899,860) 830,094 60,004,952 Infrastructure 121,185,949 4,609,270 - 4,842,467 130,637,686 Lease Asset - 2,054,169 - - 2,054,169
Subscription Asset 1,607,303 9,464,496 - - 11,071,799 Total capital assets, being depreciated/amortized 328,503,681 21,901,059 (903,507) 6,756,153 356,257,386 Less accumulated depreciation/amortization
Buildings (39,814,641) (1,952,478) - - (41,767,119) Improvements (27,600,816) (1,945,369) - - (29,546,185) Machinery and Equipment (45,147,620) (3,660,339) 873,805 - (47,934,154) Infrastructure (36,748,490) (2,461,862) - - (39,210,352) Lease Asset - (1,027,085) - - (1,027,085)
Subscription Asset (510,330) (1,792,468) - - (2,302,798) Total accumulated depreciation/amortization (149,821,897) (12,839,601) 873,805 - (161,787,693) Total capital assets, being depreciated/amortized, net 178,681,784 9,061,458 (29,702) 6,756,153 194,469,693 Total governmental activities capital assets $ 246,266,075 $ 14,959,274 $ (29,702) $ - $ 261,195,647 Depreciation/amortization expense was charged to the following functions in the statement of activities:

General Government $ 2,197,237
Parks, Recreation and Community service 881,238
Police 1,885,770
Fire 457,294
Planning and Development 985,038
Public Works 4,397,461
Redevelopment Agency -
Internal Services 2,035,563
Total depreciation/amortization expense $ 12,839,601

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
NOTE 7 - CAPITAL ASSETS
70 B. Business - Type Activities
Summary of changes in capital assets for business type activities for the year ended June 30, 2025, are as follows:

Business-Type Activities
Balance Balance
June 30, 2024 Additions Deletions Transfers June 30, 2025 Capital assets, not being depreciated/amortized
Land $ 3,082,760 $ - $ - $ - $ 3,082,760
Construction-in-progress 9,983,611 3,226,474 - (100,000) 13,110,085 Total capital assets, not being depreciated/amortized 13,066,371 3,226,474 - (100,000) 16,192,845 Capital assets, being depreciated/amortized
Buildings 28,075,735 - - - 28,075,735
Improvements 14,476,413 - - - 14,476,413
Machinery and Equipment 58,149,458 2,755,004 (164,372) - 60,740,090 Furniture and Fixtures 420,308 - - - 420,308
Infrastructure 55,310,064 - - 100,000 55,410,064
Investment in Hyperion 26,605,373 - - - 26,605,373 Subscription Assets 239,389 2,487,226 - - 2,726,615 Total capital assets, being depreciated/amortized 183,276,740 5,242,230 (164,372) 100,000 188,454,598 Less accumulated depreciation/amortization
Buildings (15,646,987) (559,807) - - (16,206,794)
Improvements (9,400,533) (612,457) - - (10,012,990) Machinery and Equipment (43,568,113) (3,079,583) 164,372 - (46,483,324) Furniture and Fixtures (420,307) - - - (420,307)
Infrastructure (13,088,043) (1,089,122) - - (14,177,165) Investment in Hyperion (20,589,091) (660,308) - - (21,249,399) Subscription Assets (135,653) (540,930) - - (676,583) Total accumulated depreciation/amortization (102,848,727) (6,542,207) 164,372 - (109,226,562) Total capital assets, being depreciated/amortized, net 80,428,013 (1,299,977) - 100,000 79,228,036 Total business-type activities capital assets $ 93,494,384 $ 1,926,497 $ - $ - $ 95,420,881 Depreciation/amortization expense was charged to the following functions in the Statement of Activities:

Refuse Disposal $ 200,596
Municipal Bus Lines 3,650,494
Sewer Enterprise 2,458,679
Municipal Fiber Network 232,438
Total depreciation/amortization expense $ 6,542,207

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
NOTE 7 - CAPITAL ASSETS (CONTINUED)
71 A. Governmental Activities
Summary of changes in governmental activities long term liabilities for the year ended June 30, 2025, are as follows:

Balance
June 30, 2024 Additions* Deletions*
Balance
June 30, 2025
Due Within One
Year
Due in More
Than One
Year
Compensated Absences $ 15,142,601 $ 1,719,136 $ (4,758,202) $ 12,103,535 $ 3,830,192 $ 8,273,343 Claims and Judgements 28,412,341 6,776,264 (9,518,823) 25,669,782 5,942,797 19,726,985 Lease and Subscription Liabilities
Lease Liability - 2,054,169 (988,775) 1,065,394 1,065,394 - Subscription Liability 955,285 9,229,046 (1,881,454) 8,302,877 1,941,484 6,361,393 Total $ 44,510,227 $ 19,778,615 $ (17,147,254) $ 47,141,588 $ 12,779,867 $ 34,361,721 *Additions for compensated absences are adjustments due to GASB 101 implementation, deletions for compensated absences represent net change during the fiscal year.

B. Business - Type Activities
Summary of changes in business type activities long term liabilities for the year ended June 30, 2025, are as follows:

Balance
June 30, 2024 Additions* Deletions*
Balance
June 30, 2025
Due Within One
Year
Due in
More Than
One Year
Compensated Absences $ 1,617,879 $ 657,963 $ (982,666) $ 1,293,176 $ 494,668 $ 798,508 Lease and Subscription Liabilities
Subscription Liability 75,151 2,155,724 (662,347) 1,568,528 427,634 1,140,894 Wastewater Facilities Revenues Bonds,
2019 Series A 16,540,000 - (895,000) 15,645,000 940,000 14,705,000 Bond Premium 3,036,135 - (119,846) 2,916,289 119,847 2,796,442 Total $ 21,269,165 $ 2,813,687 $ (2,659,859) $ 21,422,993 $ 1,982,149 $ 19,440,844 *Additions for compensated absences are adjustments due to GASB 101 implementation, deletions for compensated absences represent net change during the fiscal year.

The refuse disposal, municipal bus lines, and sewer fund are typically used to liquidate the compensated absences payable.

C. Lease and SBITA Liabilities
Lease Liability
As of June 30, 2025 the City had 1 active lease. The lease had payments of $1,034,775 and an interest rate of

3.2170%. The total value of the lease liability was $1,065,394, the value of the short-term lease liability is $1,065,394. The combined value of the right to use lease asset was $2,054,169 with accumulated amortization of $1,027,085 and is included within the lease class capital assets in the capital asset section above.

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
NOTE 8 - LONG-TERM LIABILITIES
72 Subscription Liabilities
In accordance with GASB Statement 96, Subscription Based Information Technology Arrangements (SBITA), the City has entered into IT software subscription agreements with various vendors with subscription terms ranging from 2 – 5 years. Subscription payable is measured at the present value of the subscription payments expected to be made during the subscription term. These SBITAs qualify as capital assets for accounting purposes and have been recorded at the present values of their future subscription payments as of the commencement dates using discount rates ranging from 1.85% to 3.764%. As a result of these SBITAs, the City has recorded Right-to-use assets with net book value of $10,819,032 and subscription liability of $9,871,404 as of June 30, 2025.

The schedule of future payments for the SBITA liability is shown below:

Governmental Activities
Year Ending June 30 Principal Interest Total
2026 $ 1,941,484 $ 223,665 $ 2,165,149
2027 and later 6,361,393 524,159 6,885,552
Total $ 8,302,877 $ 747,824 $ 9,050,701
Business-Type Activities
Year Ending June 30 Principal Interest Total
2026 $ 427,634 $ 47,831 $ 475,465
2027 and later 1,140,894 70,194 1,211,088
Total $ 1,568,528 $ 118,025 $ 1,686,553
NOTE 9 - BONDS PAYABLE
A. Business - Type Activities
Wastewater Faculties Revenue Bonds, 2019 Series A
The Wastewater Facilities Revenue Bonds, 2019 Series A dated October 1, 2020, were issued in the amount of $19,360,000 with a final maturity date of September 1, 2049. The 2019 Bonds were issued to provide funds to (a) current refund all of the outstanding Wastewater Facilities Refunding Revenue Bonds, 2009 Seres A, (b) finance certain capital improvements to the sewer system of the City, and (c) pay costs of issuance of the 2019 bonds.

The 2019 Bonds were be1ng issued pursuant to the Indenture of Trust, dated as of October 2019, by and between the City and U.S. Bank National Association, as trustee. The 2019 Bonds are limited obligations of the City payable solely from net revenues, which consist of revenues of the City's sewer system remaining after payment of operation and maintenance costs, and from amounts on deposit in certain funds and accounts created under the indenture. No reserve fund is established for the 2019 Bonds.

The City has covenanted that it shall at all times prescribe, revise and collect rates, fees and charges for the use or service of the Sewer Enterprise Fund so that in each 12-month period such rates, fees and charges, together with other revenues reasonably expected to yield net revenues equal to at least 1.20 times the maximum annual debt service. The City is in compliance with such covenant at June 30, 2024.

The 2019 Bonds mature beginning September 1, 2021, with final payment of principal due on September 1, 2049. the Interest rate was 5% in 2024 and 4% to 5% from 2025 to 2049.

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
NOTE 8 - LONG-TERM LIABILITIES (CONTINUED)
73 Future amounts to amortize the 2019 Wastewater Revenue Bonds are as follows Fiscal Year Principal Interest Total
2026 $ 940,000 $ 669,200 $ 1,609,200
2027 990,000 620,950 1,610,950
2028 1,045,000 570,075 1,615,075
2029 1,100,000 516,450 1,616,450
2030 1,160,000 459,950 1,619,950
2031-2035 1,865,000 1,932,425 3,797,425
2036-2040 2,310,000 4,285,100 6,595,100
2041-2045 2,815,000 974,500 3,789,500
2046-2050 3,420,000 353,000 3,773,000
Total $ 15,645,000 $ 10,381,650 $ 26,026,650
NOTE 10 - CLAIMS AND JUDGMENTS SELF - INSURANCE
At June 30, 2025, the City was self - insured for workers' compensation claims, unemployment insurance, general automobile and public liability. The self - insurance program is accounted for in the Risk Management internal Service Fund. At June 30, 2025, the City has recorded a liability in the amount of $25,669,782 for unpaid workers' compensation and general liability claims, representing estimated amounts to be paid for actual claims and claims incurred but not reported, based upon actuarial evaluations for each plan.

The City pays all workers' compensation claims up to $1,000,000 per occurrence with excess insurance overage up to statutory limits. Claims over a $1,000,000 self - insured retention up to statutory limits are covered by insurance policies secured through AON. The City also pays all liability claims up to $3,000,000 per occurrence with excess insurance coverage up to $30,000,000 limits. Claims over $3,000,000 self - insured retention up to $30,000,000 are covered by insurance policies secured through AON.

During the past three fiscal years, none of the above programs of protection have had settlements or judgments that exceeded pooled or insured coverage. There have been no significant reductions in pooled or insured liability coverage from the prior fiscal year.

Changes in the claims and judgments payable amounts in three years ended June 30, 2025, are as follows:

Fiscal Year
Balance at
Beginning of
Fiscal Year
Liability
Current Year
Claims and
Change in
Estimates
Claim
Payments
Balance at End
of Fiscal Year
Liability
2022-23 $ 16,059,171 $ 7,933,617 $ (4,015,462) $ 19,977,326 2023-24 19,977,326 14,073,824 (5,638,809) 28,412,341 2024-25 28,412,341 6,776,264 (9,518,823) 25,669,782

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
NOTE 9 - BONDS PAYABLE (CONTINUED)
74 A. California Public Employes' Retirement System ("CalPERS") At June 30, 2025, net pension liabilities and related deferred outflows of resources and deferred inflows of resources are as follows:

Governmental
Activities
Business - Type
Activities Total
Deferred Outflows of Resources:

Pension Contribution Made After Measurement Date:

Miscellaneous $ 5,752,308 $ 4,758,680 $ 10,510,988
Safety 14,725,265 - 14,725,265
Changes of Assumptions:

Miscellaneous - - -
Safety 3,675,734 - 3,675,734
Difference Between Expected and Actual Experience:

Miscellaneous 1,579,393 862,841 2,442,234
Safety 14,425,464 - 14,425,464
Difference in Projected and Actual Earnings On Pension
Investments:

Miscellaneous 2,729,833 1,491,341 4,221,174
Safety 4,628,302 - 4,628,302
Total Deferred Outflows of Resources: $ 47,516,299 $ 7,112,862 $ 54,629,161 Net Pension Liabilities:

Miscellaneous $ 74,508,279 $ 40,704,772 $ 115,213,051
Safety 197,028,816 - 197,028,816
Total Net Pension Liabilities $ 271,537,095 $ 40,704,772 $ 312,241,867 Pension Expense (Income):

Miscellaneous $ 133,756 $ 73,072 $ 206,828
Safety 5,099,564 - 5,099,564
$ 5,233,320 $ 73,072 $ 5,306,392

1. General Information about the Pension Plan
Plan Description
The City contributes to the California Public Employees' Retirement System ("CaIPERS"), an agent muIti1pIe- empIoyer public employee defined benefit pension plan. CaIPERS acts as a common investment and administrative agent for participating public entities within the State of California. Benefit provisions and all other requirements are established by state statute and City ordinance. A full description of the pension plan regarding number of employees covered, benefit provisions, assumptions (for funding, but not accounting purposes), and membership information are listed in the June 30, 2024, Annual Actuarial Valuation Report. This report and CaIPERS' audited financial statements are publicly available reports that can be obtained at CaIPERS' website under Forms and Publications.

Benefit Provided
CaIPERS provides retirement and disability benefits, annual cost-of-living adjustments, and death benefits to plan members and beneficiaries.

The plans' provisions and benefits in effect for the measurement period ended June 30, 2024, are summarized as follows:

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
NOTE 11 - PENSION PLANS
77 City Miscellaneous Plan
Tier I Tier II Tier II Tier III
Hire date
Prior to
July 1, 2011
Hired Between
July 1, 2011 -
December 2012
Hired on an After
January 1, 2013 (Prior
to PERS Members)
On or after
January 1, 2013 (New
PERS Members)
Benefit formula 2% @ 55 2% @ 60 2% @ 60 2% @ 62
Benefit vesting schedule 5 years service 5 years service 5 years service 5 years service Benefit payments Monthly for life Monthly for life Monthly for life Monthly for life Retirement age 50 - 55 50 - 63 50 - 63 52 - 67
Monthly benefits, as a % of eligible compensation 2% - 2.5% 1.092% - 2.418% 1.092% - 2.418% 1.0% - 2.5% Required employee contribution rates 8.00% 7.00% 7.00% 7.75% Required employer contribution rates 10.55% 10.55% 10.55% 10.55% City Safety Plan - Police
Tier I Tier II Tier II Tier III
Hire date
Prior to
July 1, 2011
Hired Between
July 1, 2011 -
December 2012
Hired on an After
January 1, 2013 (Prior
to PERS Members)
On or after
January 1, 2013 (New
PERS Members)
Benefit formula 3% @ 55 3% @ 55 3% @ 55 2..7% @ 57
Benefit vesting schedule 5 years service 5 years service 5 years service 5 years service Benefit payments Monthly for life Monthly for life Monthly for life Monthly for life Retirement age 50 - 55 50 - 55 50 - 55 50 - 57
Monthly benefits, as a % of eligible compensation 3.00% 2.4% - 3.0% 2.4% - 3.0% 2.0% - 2.7% Required employee contribution rates Total 9%, 9% paid by City (EPMC) for
Management
Total 9%, 9% paid by
City (EPMC) for
Management
Total 9%, 9% paid by
City (EPMC) for
Management 12.5%
Required employer contribution rates 20.81% - 21.31%
Management
Employees Pay 9% of
Employee
Cost Through
Cost - Sharing

20.81% - 21.31%
Management
Employees Pay 9% of
Employee
Cost Through
Cost - Sharing

20.81% - 21.31%
Management
Employees Pay 9% of
Employee
Cost Through
Cost - Sharing 20.17% - 21.31%
City Safety Plan - Fire
Tier I Tier II Tier II Tier III
Hire date
Prior to
July 1, 2011
Hired Between
July 1, 2011 -
December 2012
Hired on an After
January 1, 2013 (Prior
to PERS Members)
On or after
January 1, 2013 (New
PERS Members)
Benefit formula 3% @ 55 3% @ 55 3% @ 55 2..7% @ 57
Benefit vesting schedule 5 years service 5 years service 5 years service 5 years service Benefit payments Monthly for life Monthly for life Monthly for life Monthly for life Retirement age 50 - 55 50 - 55 50 - 55 50 - 57
Monthly benefits, as a % of eligible compensation 3.00% 2.4% - 3.0% 2.4% - 3.0% 2.0% - 2.7% Required employee contribution rates Total 9%, 9% paid by City (EPMC) for
Management
Total 9%, 9% paid by
City (EPMC) for
Management
Total 9%, 9% paid by
City (EPMC) for
Management 12.50%
Required employer contribution rates

20.81% - 21.31%
Management
Employees Pay 9% of
Employee
Cost Through
Cost - Sharing

20.81% - 21.31%
Management
Employees Pay 9% of
Employee
Cost Through
Cost - Sharing

20.81% - 21.31%
Management
Employees Pay 9% of
Employee
Cost Through
Cost - Sharing
Participant is eligible for non-industrial disability retirement if becomes disabled and has at least 5 years of credited service. There is no special age requirement. The standard non-industrial disability retirement benefit is a monthly allowance equal to 1.8 percent of final compensation, multiplied by service. Industrial disability benefits are not offered.

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
NOTE 11 - PENSION PLANS (CONTINUED)
78 An employee's beneficiary may receive the basic death benefit if the employee dies while actively employed. The employee must be actively employed with the City to be eligible for this benefit. An employee's survivor who is eligible for any other pre-retirement death benefit may choose to receive that death benefit instead of this basic death benefit. The basic death benefit is a lump sum in the amount of the employee's accumulated contributions, where interest is currently credited at the greater of 6.0 percent or the prevailing discount rate through the date of death, plus a lump sum in the amount of one-month salary for each completed year of current service, up to a maximum of six months' salary. For purposes of this benefit, one month's salary is defined as the member's average monthly full-time rate of compensation during the 12 months preceding death.

Upon the death of a retiree, a one-time lump sum payment of $500 will be made to the retiree’s designated survivor(s) or estate. The lump sum payment amount increases to $2,000 for any death occurring on or after July 1, 2023, will be made to the retiree's designated survivor(s), or to the retiree's estate.

Benefit terms provide for annual cost-of-living adjustments to each employee's retirement allowance. Beginning the second calendar year after the year of retirement, retirement and survivor allowances will be annually adjusted on a compound basis by 2 percent.

Employees Covered by Benefit Terms
At June 30, 2023, the valuation date, the following employees were covered by the benefit terms:

Plans
Miscellaneous Safety
Active Employees 478 163
Transferred and Terminated Employees 782 81
Retired Employees and Beneficiaries 748 308
Total 1,925 554
Contributions
Section 20814(c) of the California Public Employees' Retirement Law ("PERL") requires that the employer contribution rates for a pubi1c employers be determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in the rate. The total plan contributions are determined through CalPERS' annual actuarial valuation process. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year with an additional amount to finance any unfunded accrued liability. The employer is required to contribute the difference between the actuarially determined rate and the contribution rate of employees. Employer contribution rates may change if plan contracts are amended. Payments made by the employer to satisfy contribution requirements that are identified by the pension plan terms as plan member contribution requirements are classified as plan member contributions.

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
NOTE 11 - PENSION PLANS (CONTINUED)
79 2. Net Pension Liability
Actuarial Methods and Assumptions Used to Determine Total Pension Liability The total pension liability of the Plan is measured as of June 30, 2024. The total pension liability is based on the following actuarial methods and assumptions.

Actuarial Cost Method Entery Age Actuarial Cost Method
Discount Rate 6.90%
Inflation 2.30%
Salary Increases Varies by Entry Age and Service
Payroll Growth 2.80%
Retirement Age
The probabilities of retirement are based
on the 2021 CalPERS Experience Study.

Mortality Rate Table
The probabilities of mortality are based on
the 2021 CalPERS Experience Study and
Review of Actuarial Assumptions. Mortality
rates incorporate full generational mortality
improvements using 80% of Scale
MP-2020 published by the Society of
Actuaries.

Long-Term Expected Rate of Return
The long-term expected rate of return on pension plan investments was determined using a building - block method in which expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class.

In determining the long-term expected rate of return, CalPERS took into account both short-term and long-term market return expectations. Using historical returns of all of the funds' asset classes, expected compound (geometric) returns were calculated over the next 20 years using a building-block approach. The expected rate of return was then adjusted to account for assumed administrative expenses of 10 Basis points.

The expected real rates of return by asset class are as follows:

Asset Class
Assumed Asset
Allocation Real Return (1)(2)
Global Equity - cap-weighted 30.00 % 4.54 %
Global Equity - non-cap-weighted 12.00 % 3.84 %
Private Equity 13.00 % 7.28 %
Treasury 5.00 % 0.27 %
Mortgage-backed Securities 5.00 % 0.50 %
Investment Grade Corporates 10.00 % 1.56 %
High Yield 5.00 % 2.27 %
Emerging Market Debt 5.00 % 2.48 %
Private Debt 5.00 % 3.57 %
Real Estate 15.00 % 3.21 %
Leverage (5.00) % (0.59) %
(1) An expected inflation of 2.30% was used for this period. (2) Figures are based on the 2021 Asset Liability Management study.

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
NOTE 11 - PENSION PLANS (CONTINUED)
80 Discount Rate
The discount rate used to measure the total pension liability was 6.9%. The projection of cash flows used to determine the discount rate assumed that contributions from plan members will be made at the current member contribution rates and that contributions from employers will be made at statutorily required rates, actuarially determined. Based on those assumptions, the Plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long term expected rate of return on plan investments was applied to all periods of projected benefit payments to determine the total pension liability.

Liquidating Net Pension Liability
Pension liabilities are liquidated by all the funds.

3. Changes in the Net Pension Liability
The following tables show the changes in net pension liability recognized over the measurement period.

Miscellaneous Plan
Increase (Decrease)
Total Pension
Liability (a)
Plan Fiduciary
Net Position (b)
Net Pension
Liability/
(Asset)
(c) = (a) - (b)
Balance at June 30, 2023 (Valuation Date) $ 395,274,891 $ 271,506,217 $ 123,768,674 Changes Recognized for the Measurement Period:

Service Cost 7,320,657 - 7,320,657
Interest on the total pension liability 26,833,852 - 26,833,852 Changes of benefit terms - - -
Differences between expected and actual experience 184,275 - 184,275 Contributions from the employer - 13,469,231 (13,469,231) Contributions from employee - 3,703,207 (3,703,207)
Net investment income - 25,942,894 (25,942,894)
Benefit payments, including refunds of employee
contribution (20,446,168) (20,446,168) -
Administrative expenses - (220,925) 220,925
Net Changes during July 1, 2023 to June 30, 2024 13,892,616 22,448,239 (8,555,623) Balance at June 30, 2024 (Measurement Date) $ 409,167,507 $ 293,954,456 $ 115,213,051

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
NOTE 11 - PENSION PLANS (CONTINUED)
81 Safety Plan
Increase (Decrease)
Total Pension
Liability (a)
Plan Fiduciary
Net Position (b)
Net Pension
Liability/
(Asset)
(c) = (a) - (b)
Balance at June 30, 2023 (Valuation Date) $ 493,566,254 $ 301,650,345 $ 191,915,909 Changes Recognized for the Measurement Period:

Service Cost 8,326,287 - 8,326,287
Interest on the total pension liability 34,306,669 - 34,306,669 Differences between expected and actual experience 13,374,608 - 13,374,608 Contributions from the employer - 19,161,590 (19,161,590) Contributions from employee - 3,034,036 (3,034,036)
Net investment income - 28,944,485 (28,944,485)
Benefit payments, including refunds of employee
contribution (27,811,820) (27,811,820) -
Administrative expenses - (245,454) 245,454
Net Changes during July 1, 2023 to June 30, 2024 28,195,744 23,082,837 5,112,907 Balance at June 30, 2024 (Measurement Date) $ 521,761,998 $ 324,733,182 $ 197,028,816 Sensitivity of the Net Pension Liability to Changes in the Discount Rate The following presents the net pension liability of the plans as of the measurement date, calculated using the discount rate of 6.90%, as well as what the net pension liability would be if it were calculated using a discount rate that is 1 percentage point lower (5.90%) or 1 percentage point higher (7.90%) than the current rate:

Discount Rate
Net Pension Liability
1% Decrease
(5.90%)
Current Rate
(6.90%)
1% Increase
(7.90%)"
Miscellaneous Plan $ 167,725,408 $ 115,213,051 $ 71,743,506 Safety Plan $ 267,209,817 $ 197,028,816 $ 139,567,529
Pension Plan Fiduciary Net Position
Detailed information about the plan's fiduciary net position is available in the separately issued CalPERS financial report.

4. Pension Expense and Deferred Outflows and Deferred Inflows of Resources Related to Pensions For the measurement period ended June 30, 2024, the City incurred a pension expense of $12,518,612 and $2,661,292 for Miscellaneous and Safety plans, respectively.

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
NOTE 11 - PENSION PLANS (CONTINUED)
82 As of measurement date of June 30, 2024, the City has deferred outflows and deferred inflows of resources related to pensions as follows:

Miscellaneous Plan
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Pension contributions made after measurement date $ 10,510,988 $ - Difference between expected and actual experiences 2,442,234 - Net difference between projected and actual
earnings on pension plan investments 4,221,174 -
Balance at June 30, 2024 (Measurement Date) $ 17,174,396 $ - Safety Plan
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Contribution made after the measurement date $ 14,725,265 $ - Difference between expected and actual experiences 14,425,464 - Change of assumption 3,675,734 -
Net difference between projected and actual
earnings on pension plan investments 4,628,302 -
Balance at June 30, 2024 (Measurement Date) $ 37,454,765 $ - The expected average remaining service lifetime ("EARSL") is calculated by dividing the total future service years by the total number of plan participants (active, inactive, and retired). The EARSL for the miscellaneous plan and safety plan for the 2023-24 measurement period is 2.5 and 4.1 years, which was obtained by dividing the total service years of 5,057 and 2,284 (the sum of remaining service lifetimes of the active employees) by 2,008 and 555 (the total number of participants active, inactive, and retired), respectively.

The $10,510,988 and $14,725,265 reported as deferred outflows of resources related to pension resulting from the City's contributions subsequent to the measurement date during the year ended June 30, 2024, will be recognized as a reduction of the net pension liability in the year ending June 30, 2025. Other amounts reported as deferred outflows and deferred inflows of resources related to pensions will be recognized in future pension expense as follows:

Measurement Period
Deferred
Outflows/
(Inflows) of
Resources
Deferred
Outflows/
(Inflows) of
Resources
Ended June 30,
Miscellaneous
Plan Safety Plan
2025 $ 2,209,588 $ 8,577,919
2026 7,057,291 13,343,467
2027 (1,133,520) 2,151,489
2028 (1,469,951) (1,343,375)
Total $ 6,663,408 $ 22,729,500

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
NOTE 11 - PENSION PLANS (CONTINUED)
83 B. Public Agency Retirement Services ("PARS")
The City established the City of Culver City Alternative Retirement System, with PARS. Under PARS, the City participates in the defined contribution plan to benefit part time, seasonal and temporary employes not currently eligible for CalPERS. Pursuant to the PARS agreement, the PARS trust is administered by Phase II Systems with Union Bank of California acting as trustee. In accordance with the PARS trust agreement, the City does not manage the plan's assets or perform distributions to employes out of the plan. Phase II Systems and Union Bank of California perform these functions.

The PARS trust, authorized under the Internal Revenue Code Section 401(a) and Government Code Sections 53215-53224 and 2000, maintains the following general provisions. • Eligibility – Part – time employes who work less than 1,000 hours per fiscal year • Eligible employees shall participate while not accruing a benefit under social security or PERS. • Eligible employees and the City contribute 4 and 3.5 percent of compensation on a pre-tax basis, respectively.
• Contributions and distributions of the plan are not obligations of the City, and • Amendments to the plan are subject to the discretion of the City The City recognized pension expenses related to PARS plan in the amount of $99,565 for the year ended June 30, 2025.

NOTE 12 - OTHER POSTEMPLOYMENT BENEFITS ("OPEB")
At June 30, 2025, net OPEB liabilities and related deferred outflows of resources and deferred inflows of resources are as follows:

Governmental
Activities
Business-Type
Activities Total
Deferred outflows of resources
Changes in assumptions $ 3,562,452 $ 529,498 $ 4,091,950 Total deferred outflows of resources $ 3,562,452 $ 529,498 $ 4,091,950 Net OPEB liabilities $ 38,388,619 $ 5,705,821 $ 44,094,440 Total net OPEB liabilities $ 38,388,619 $ 5,705,821 $ 44,094,440 Deferred inflows of resources
Differences between expected and actual experience $ 6,972,219 $ 1,036,302 $ 8,008,521 Net difference between projected and actual
earnings on pension plan investments 3,655,623 543,347 4,198,970 Total deferred inflows of resources $ 10,627,842 $ 1,579,649 $ 12,207,491 OPEB Expense $ 63,679,938 $ 9,464,949 $ 73,144,887
Plan Description
In addition to the retirement plan described in Note 11, the City of Culver City's Retiree Health Insurance Program (“OPEB Plan"), a single-employer plan that provides retiree healthcare benefits for eligible City employees and their spouses who retiree with CalPERS pension benefits immediately upon termination of employment from the City. Benefit provisions are established and may be amended by the City Council.

Under the program, the City pays a portion of the premiums for entire medical coverage as follows:

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
NOTE 11 - PENSION PLANS (CONTINUED)
84 • Participants who retired before January 1, 2007, are eligible for a City contribution up to 10% of the average of Kaiser Permanente Health Plans and PERS Care Premiums. • Participants who retired between January 1, 2007, and December 31, 2011, are eligible for a City contribution up to 70% of the PERS Care premium or 95% of the premium for all other plans. Additionally, participants meeting the following additional criteria are also eligible for this benefit level (excluding members of the Culver City Police Officers Association):
◦ Employed with the City as of July 1, 2011.
◦ Earned a minimum of twenty years of CalPERS service credit (excluding additional retirement service credit purchased under California Government Code Section 20909, i.e., "Air-Time") as of December 31, 2011.
◦ Earn twenty-five years of service with Culver City and retire from the City prior to January 1, 2022. • Participants employed by the City as of July 1, 2011, and retired after December 31, 2011, earning a minimum of five years of City service are eligible for the following benefit:
◦ A monthly premium reimbursement of up to $708.66 for single coverage, increasing by up to 4% per year. ◦ An additional monthly reimbursement of up to $618.56 for his or her enrolled spouse/domestic partner/ dependent based on a vesting schedule. This additional reimbursement ends when a spouse or domestic partner becomes Medicare eligible, or when a dependent ages out. This amount is subject to an annual increase of up to 4%.
◦ Participants with at least twenty years of City service who were members of the Culver City Police Officers Association with more than one enrolled dependent are eligible for an additional $300 per month reimbursement.
◦ Employees hired after July 1, 2011, are not considered participants, and are only eligible for the legally required Public Employees' Medical and Hospital Care Act minimum, as stipulated by CalPERS.

Eligibility
Employees of the City are eligible for retiree health benefits if they are between 50-55 years of age as of the last day of work prior to retirement and are a vested member of CalPERS. Membership in the plan consisted of the following at June 30, 2025, the date of the latest actuarial valuation:

Active Plan Members 720
Inactive Employees or Benificiaries Currently
receiving benefit payments 594
Inactive Employees Entitled to but not yet
receiving benefit payments 96
Total 1,410
Contribution
The obligation of the City to contribute to the plan is established and may be amended by the City Council. For the fiscal year ended June 30, 2025, the City's average contribution rate was not applicable. Employees are not required to contribute to the plan.

Net OPEB Liability
The City's net OPEB liability was measured as of June 30, 2025, and the total OPEB liability used to calculate the net OPEB liability was determined by an actuarial valuation as of June 30, 2023.

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
NOTE 12 - OTHER POSTEMPLOYMENT BENEFITS ("OPEB") (CONTINUED) 85 Actuarial assumptions
The total OPEB liability in the June 30, 2023, actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement unless otherwise specified:

Discount Rate 6.00%
Inflation 2.50%
Aggregate payroll increases 2.75%
Expected long-term investment rate of return 6.00%
Mortality, Termination, and Disability CalPERS 2000-2019 Experience Study Mortality Improvement Mortality projected fully generational with Scale MP-2021 PEM HCA Minimum Increases 3.50% Annually
Medical Trend Non-Medicare: 8.50% for 2025 decreasing to an ultimate rate of 3.45% in 2076;
Medicare - Kaiser: 6.25% for 2025 decreasing to an ultimate rate of 3.45% in 2076;
Medicare - Other: 7.25% for 2025 decreasing to an ultimate rate of 3.45% in 2076
The actuarial assumptions used in the June 30, 2023, valuation were based on the results of an actuarial experience study for the period July 1, 2024 to June 30, 2025.

The long-term expected rates of return on OPEB plan investments were presented as geometric means and determined using a building-block method in which best-estimate ranges of expected future real rates of return (expected returns, net of OPEB plan investment expense and inflation) are developed for each major asset class.

These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table:

Asset Class Component:

Target
Allocation
Expected Real
Rate of Return
Domestic Equity 44.00% 4.29%
Internal Equity 23.00% 4.67%
Fixed Income 33.00% 0.78%
Assumed Long - Term Rate of Inflation 2.50%
Expected Long - Term Net Rate of Return, Rounded 6.00%
The long-term expected rate of return is presented as geometric means.

Discount Rate
The discount rate used to measure the total OPEB liability was 6.00 percent. The projection of cash flows used to determine the discount rate assumed that City contributions will be made at rates equal to the actuarially determined contribution rates. Based on those assumptions, the OPEB plan's fiduciary net position was projected to be available to make all projected OPEB payments for current active and inactive employees. Therefore, the long-term expected rate of return on OPEB plan investments was applied to all periods of projected benefit payments to determine the total OPEB liability.

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
NOTE 12 - OTHER POSTEMPLOYMENT BENEFITS ("OPEB") (CONTINUED) 86 Liquidating Net OPEB Liability
The OPEB liabilities are liquidated by all the funds.

Change in the Net OPEB Liability
Increase (Decrease)
Balance at June 30, 2024
Total OPEB
Liability (a)
Plan Fiduciary
Net Position (b)
Net OPEB
Liability/
(Asset)
(c) = (a) - (b)
Changes Recognized for the Measurement Period: $ 120,519,888 $ 69,592,209 $ 50,927,679 Service Cost 1,683,802 - 1,683,802
Interest on the total OPEB liability 7,113,234 - 7,113,234 Contributions from the employer - 7,316,911 (7,316,911) Net investment income - 8,350,090 (8,350,090)
Benefit payments (7,299,567) (7,299,567) -
Administrative expenses - (36,726) 36,726
Net Changes during July 1, 2024 to June 30, 2025 1,497,469 8,330,708 (6,833,239) Balance at June 30, 2025 $ 122,017,357 $ 77,922,917 $ 44,094,440 Sensitivity of the net OPEB liability to changes in the discount rate The following presents the net OPEB liability of the City, as well as what the City's net OPEB liability would be if it were calculated using a discount rate that is 1-percentage point lower (5.00 percent) or 1-percentage point higher (7.00 percent) than the current discount rate:

Discount Rate
1% Decrease
(5.00%)
Current Rate
(6.00%)
1% Increase
(7.00%)
Net OPEB Liability $ 58,087,394 $ 44,094,440 $ 32,369,984 Sensitivity of the net OPEB liability to changes in the healthcare cost trend rates The following presents the net OPEB liability of the City, as well as what the City's net OPEB liability would be if it were calculated using healthcare cost trend rates that are 1-percentage point lower (5 percent) or 1-percentage point higher (7 percent) than the current healthcare cost trend rates:

Healthcare Trend Rate
1% Decrease Current Trend 1% Increase
Net OPEB Liability $ 30,977,542 $ 44,094,440 $ 59,300,498 OPEB plan fiduciary net position. Detailed information about the OPEB plan's fiduciary net position is available in the separately issued plan financial report.

OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB For the fiscal year ended June 30, 2025, the City recognized OPEB expense of $6,554,097. At June 30, 2025, the City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources:

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
NOTE 12 - OTHER POSTEMPLOYMENT BENEFITS ("OPEB") (CONTINUED) 87 Deferred
Outflows of
Resources
Deferred Inflows
of Resources
Net difference between projected and actual earnings on pension plan investments $ - $ 4,198,970 Difference between expected and actual experiences - 8,008,521 Change of assumption 4,091,950 -
Total $ 4,091,950 $ 12,207,491
The difference between projected OPEB plan investment earnings and actual earnings is amortized over a five- year period. The remaining gains and losses are amortized over the expected average remaining service life. The expected average remaining service life is 6.3 years, which was determined as of July 1, 2024, the beginning of the measurement period, for employees covered by the OPEB plan benefit terms as of the valuation date.

Amount reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized as future OPEB expense as follows:

Measurement Period
Ending June 30,
Deferred Outflows/
(Inflows) of Resources
2026 $ (641,772)
2027 (3,345,303)
2028 (2,545,982)
2029 (1,409,996)
2030 (172,488)
Total $ (8,115,541)

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
NOTE 12 - OTHER POSTEMPLOYMENT BENEFITS ("OPEB") (CONTINUED) 88 The City offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 457. The plan, available to a City employees, permits employees to defer a portion of their salary until future years. In addition, there is a 401 (a) plan allowed for one individual.

All amounts of compensation deferred under the plan, a property and rights purchased with those amounts, and all income attributable to those amounts are held in trust for the exclusive benefit of the employee participants and their beneficiaries. Therefore, the accumulated assets of the plan are not reported in the funds of the City.

Pursuant to guidelines applicable to 401 (a) plans, these assets are also not reported.

While the City has full power and authority to administer and to adopt rules and regulations for the plan, all investment decisions under the plan are the responsibility of the plan participants. The City has no liability for losses under the plan, but does have the duty of due care that would be required of an ordinary prudent investor.

Under certain circumstances, employees may modify their arrangements with the plan to provide for greater or lesser contributions or to terminate their participation. If participants retiree under the plan or terminate service with the City, they may be eligible to receive payments under the plan in accordance with provisions thereof. In the event of serious financial emergency, the City may approve, upon request, withdrawals from the plan by participants, along with their allocated contributions. The plan assets are not included in the accompanying financial statements.

NOTE 14 - CONTINGENCIES
Litigations
The City is a defendant in various lawsuits which have arisen in the normal course of business. While damages are alleged in some of these actions, their outcome cannot be predicted with certainty.

NOTE 15 - RESTATEMENTS
Changes to or within the Reporting Entity
The Capital Improvement and Acquisition fund was previously reported as a non-major governmental fund during the prior fiscal year. Due to a significant increase in fund assets during the year, the fund met the requirements of being presented as a major fund, in accordance with GASB Statement No. 34, during the fiscal year ended June 30, 2025. The effects of this changes to or within the financial reporting entity are shown in the table below.

Change in accounting principle
Implementation of GASB 101 - Compensated Absences resulted in a net decrease in net fund balances and net positions of $2,314,327 as of June 30, 2024. The individual fund details are shown in the table below.

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
NOTE 13 - DEFERRED COMPENSATION PLAN
89 Adjustments to and Restatements of Beginning Balances During fiscal year 2025, changes to or within the financial reporting entity and the change in accounting principle resulted in adjustments to and restatements of beginning net position and fund net position, as follows:

June 30, 2024
As Previously
Reported
Changes to or
within the
Reporting
Entity
Changes in
Accounting
Principle
June 30, 2024
As Restated
Primary government
Governmental Funds $ 222,502,020 $ - $ (1,656,364) $ 220,845,656 Proprietary Funds 55,349,789 - (657,963) 54,691,826 Total primary government $ 277,851,809 $ - $ (2,314,327) $ 275,537,482 Governmental funds
Major funds
Capital Improvement and
Acquisition $ - $ 8,154,651 $ - $ 8,154,651
Nonmajor funds 69,639,788 (8,154,651) - 61,485,137
Total governmental funds $ 69,639,788 $ - $ - $ 69,639,788 Business-type activities
Major funds
Refuse Disposal $ 2,230,860 $ - $ (152,636) $ 2,078,224 Municipal Bus Lines 19,406,127 - (452,473) 18,953,654 Sewer Enterprise 48,722,578 - (52,854) 48,669,724
Total business-type activities $ 70,359,565 $ - $ (657,963) $ 69,701,602 Internal service funds $ 61,590,783 $ - $ (657,963) $ 60,932,820

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
NOTE 15 - RESTATEMENTS (CONTINUED)
90 At June 30, 2025, fund balances are classified as follows:

General Fund
Culver City
Housing
Authority
Capital
Improvement
and Acquisition
Nonmajor
Governmental
Funds
Total
Governmental
Funds
Nonspendable
Notes receivable $ 1,322 $ - $ - $ - $ 1,322
Lease receivable 406,136 - - - 406,136
Advances to other funds 16,289,116 - - - 16,289,116 Total nonspendable 16,696,574 - - - 16,696,574
Restricted
Road construction - - - 9,729,698 9,729,698
Housing authority - 28,299,300 - 1,806,829 30,106,129 Public safety - - - 18,537,821 18,537,821
Public works and capital projects - - 13,621,228 22,555,097 36,176,325 Planning and development - - - 30,533,509 30,533,509 Pension trust funds 35,085,249 - - - 35,085,249
Total restricted 35,085,249 28,299,300 13,621,228 83,162,954 160,168,731 Committed
Contingency reserves (30%) 58,403,413 - - - 58,403,413 Facility planning reserves 114,140 - - - 114,140
Recreation facilities reserves 18,481,163 - - - 18,481,163 Public safety equipment reserves 1,004,529 - - - 1,004,529 Total committed 78,003,245 - - - 78,003,245
Assigned
Contractually obligated appropriations 6,700,177 - - - 6,700,177 Total assigned 6,700,177 - - - 6,700,177
Unassigned 4,339,548 - - (1,481,835) 2,857,713
Total fund balance $ 140,824,793 $ 28,299,300 $ 13,621,228 $ 81,681,119 $ 264,426,440

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
NOTE 16 - CLASSIFICATION OF FUND BALANCES
91 On June 29, 2011, Assembly Bills 1x 26 (the "Dissolution Act") and 1x 27 (the "Continuation Act") were enacted as part of the FY 2011-12 state budget package. The Dissolution Act required each California redevelopment agency to suspend nearly all activities except to implement existing contracts, meet already - incurred obligations, preserve its assets and prepare for impending dissolution. Assembly Bill 1x 27 provided a means for redevelopment agencies to continue to exist and operate by means of a Voluntary Alternative Redevelopment Program.

The League of California Cities and the California Redevelopment Association (CRA) filed a lawsuit on July 18, 2011, on behalf of cities, counties and redevelopment agencies petitioning the California Supreme Court to overturn the Dissolution Act and Assembly Bill 1x 27 on the grounds that these bills violate the California Constitution.

On December 29, 2011, the California Supreme Court upheld the Dissolution Act and struck down the Continuation Act.

On June 27, 2012, as part of the FY 2012-13 state budget package, the Legislature passed and the Governor signed AB 1484, which made technical and substantive amendments to the Dissolution Act based on experience to date at the state and local level in implementing the Dissolution Act.

Under the Dissolution Act, each California redevelopment agency (each a "Dissolved RDA") was dissolved as of February 1, 2012, and the sponsoring community that formed the Dissolved RDA, together with other designated entities, have initiated the process under the Dissolution Act to unwind the affairs of the Dissolved RDA. A Successor Agency was created for each Dissolved RDA which is the sponsoring community of the Dissolved RDA unless it elected not to serve as the Successor Agency. On January 9, 2012, the City adopted a Resolution electing to serve as the Successor Agency to the Culver City Redevelopment Agency.

The Dissolution Act allowed the sponsoring community that formed the Dissolved RDA to elect to assume the housing functions and take over certain housing assets of the Dissolved RDA. AB 1484 modified and provided some clarifications on the treatment of housing assets under the Dissolution Act. The Culver City Housing Authority elected to serve as the Housing Successor Agency on January 9, 2012. Prior to February 1, 2012, the activities of the Dissolved RDA were reported in the governmental funds financial statements of the City. After the date of dissolution, the housing assets, obligations, and activities of the Dissolved RDA are reported in a fiduciary fund in the financial statements of the City.

All other assets, obligations, and activities of the Dissolved RDA have also been transferred and are reported in a fiduciary fund (private-purpose trust fund) in the financial statements of the City.

The Dissolution Act and AB 1484 also establish roles for the County Auditor-Controller, the California Department of Finance (the "DOF") and the California State Controller's office in the dissolution process and the satisfaction of enforceable obligations of the Dissolved RDAs.

The County Auditor-Controller is charged with establishing a Redevelopment Property Tax Trust Fund (the "RPTF") for each successor agency and depositing into the RPTF for each six-month period the amount of property taxes that would have otherwise been paid to the Dissolved RDA as property tax increment. The deposit in the RPTF fund is to be used to pay to the successor agency the amounts due on the successor agency's enforceable obligations for the upcoming six-month period.

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
NOTE 17 - SUCCESSOR AGENCY TRUST FOR ASSETS AND LIABILITIES OF FORMER REDEVELOPMENT AGENCY
92 The successor agency is required to prepare an annual recognized obligation payment schedule (the "ROPS") approved by the oversight board setting forth the amounts due for each enforceable obligation during each of two six-month periods during the fiscal year. The ROPS is submitted to the DOF for approval. The County Auditor- Controller will make payments to the successor agency from the RPTF based on the ROPS amount approved by the DOF. The ROPS is prepared in advance for the enforceable obligations due over the next twelve months.

The process of making RPTF deposits to be used to pay enforceable obligations of the Dissolved RDA will continue until all enforceable obligations have been paid in full and all non-housing assets of the Dissolved RDA have been liquidated.

The State Controller of the State of California has been directed to review the propriety of any transfers of assets between Dissolved RDA and other public bodies that occurred after January 1, 2011. If the public body that received such transfers is not contractually committed to a third party for the expenditure or encumbrance of those assets, the State Controller is required to order the available assets to be transferred to the public body designated as the successor agency.

A. Capital Assets
Summary of changes in capital assets for the year ended June 30, 2025, is as follows:

Balance
June 30, 2024 Additions Deletions
Balance
June 30, 2025
Capital assets, not being depreciated
Land $ 8,036,229 $ - $ - $ 8,036,229
Total capital assets, not being depreciated 8,036,229 - - 8,036,229 Capital assets, being depreciated
Buildings 3,429,740 - - 3,429,740
Improvements 363,598 - - 363,598
Infrastructure 2,606,379 - - 2,606,379
Total capital assets, being depreciated 6,399,717 - - 6,399,717 Less Accumulated Depreciation
Buildings (1,122,391) (68,594) - (1,190,985)
Improvements (289,159) (18,180) - (307,339)
Infrastructure (779,400) (52,128) - (831,528)
Total accumulated depreciation (2,190,950) (138,902) - (2,329,852) Total capital assets, being depreciated, net 4,208,767 (138,902) - 4,069,865 Fiduciary Fund Capital Assets, Net $ 12,244,996 $ (138,902) $ - $ 12,106,094

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
NOTE 17 - SUCCESSOR AGENCY TRUST FOR ASSETS AND LIABILITIES OF FORMER REDEVELOPMENT AGENCY
93 B. Long-term Liabilities
Summary of changes in long-term liabilities for the year ended June 30, 2025, is as follows:

Balance
June 30, 2024 Additions Deletions
Balance
June 30, 2025
Due Within
One Year
Due in More
than One Year
2011 A Tax Excempt Tax
Allocation Revenue Bonds
(CABS) $ 809,866 $ - $ (809,866) $ - $ - $ -
Accreted Interest on 2011 A Tax
Allocation 1,404,095 - (1,404,095) - - -
2017 A and B Tax Allocation
Bonds 32,760,000 - (10,495,000) 22,265,000 5,870,000 16,395,000 Subtotal 34,973,961 - (12,708,961) 22,265,000 5,870,000 16,395,000 Unamortized original issue
premium 5,569,742 - (1,285,325) 4,284,417 1,285,325 2,999,092 Total $ 40,543,703 $ - $ (13,994,286) $ 26,549,417 $ 7,155,325 $ 19,394,092

1. 2017 Tax Allocation Refunding Bonds Series A and B
On December 4, 2017, the Agency issued a total of $98,435,000 in bonds consisting of $74,785,000 in 2017 Series A Tax-Exempt Bonds and $23,650,000 in 2017 Series B Taxable Bonds. The Bonds were issued to refund all of the outstanding 1999A, 2002A, 2004A, and 2005A bonds and part of 2011A bond and 2011B bonds. The transaction achieves 33 million in debt service cash flow savings, or $18 million in net present value savings. The total outstanding balance of the defeased debt was in the amount of $22,737,480. 2017 Series A Tax Allocation Bonds mature beginning November 1, 2020, with final payment of principal due on November 1, 2028. Interest rate is 5% from 2021 to 2028. 2017 Series B Tax Allocation Bonds mature beginning November 1, 2018, with final payment of principal due on November 1, 2020. Interest rate was 2% in 2020. This debt was fully paid on November 1, 2020.

Both 2017 Series A and Series B Tax Allocation Bonds are secured by and payable from tax revenues and were issued in denominations of $5,000 and are not subject to optional redemption prior to their maturity dates.

The annual debt service requirements on these bonds are as follows:
2017 Series A Tax Allocation Bond
Fiscal Year Principal Interest Total
2026 5,870,000 966,500 6,836,500
2027 5,200,000 689,750 5,889,750
2028 5,460,000 423,250 5,883,250
2029 5,735,000 143,375 5,878,375
Total $ 22,265,000 $ 2,222,875 $ 24,487,875

2. Pledged Revenues for Tax Allocation Bonds
The Trust has a number of Tax Allocation bonds outstanding that are collateralized by the pledging of property tax increment revenues. The amount and term of the remainder of these commitments are indicated in the debt service to maturity tables presented. The purposes for which the proceeds of the related debt issuances were utilized are disclosed in the debt descriptions in the accompanying notes.

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
NOTE 17 - SUCCESSOR AGENCY TRUST FOR ASSETS AND LIABILITIES OF FORMER REDEVELOPMENT AGENCY
94 GASB has issued the following statements, which may impact the City's financial reporting requirements in the future:

GASB 103, "Financial Reporting Model Improvements", effective for fiscal years beginning after June 15, 2025.

GASB 104, "Disclosure of Certain Capital Assets", effective for fiscal years beginning after June 15, 2025.

GASB 105, "Subsequent Events", effective for fiscal years beginning after June 15, 2026.

NOTE 19 - SUBSEQUENT EVENTS
The City has evaluated events subsequent to June 30, 2025, to assess the need for potential recognition or disclosure in the financial statements. Such events were evaluated through March 27, 2026, the date the financial statements were available to be issued. Based upon this evaluation, it was determined that no subsequent events occurred that require recognition or additional disclosure in the financial statements.

CITY OF CULVER CITY, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2025
NOTE 18 - GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB) STATEMENTS ISSUED, NOT

YET EFFECTIVE
95 Required Supplementary Information
96 Schedule of Changes in Net Pension Liability and Related Ratios - Miscellaneous Agent, Multiple-Employer Pension Plan 2025 2024 2023 2022
Measurement Date 6/30/2024 6/30/2023 6/30/2022 6/30/2021

TOTAL PENSION LIABILITY
Service cost $ 7,320,657 $ 6,960,748 $ 6,864,220 $ 6,329,689 Interest on total pension liability 26,833,852 25,912,959 24,209,089 23,627,525 Changes of benefit terms - 445,265 - 117,535
Changes of assumptions - - 10,816,322 -
Difference between expected and actual experience 184,275 11,658,341 (3,919,742) (753,559) Benefit payments, including refunds of employee contributions (20,446,168) (19,337,114) (17,725,731) (15,713,448) Net change in total pension liability 13,892,616 25,640,199 20,244,158 13,607,742 Total pension liability-beginning 395,274,891 369,634,692 349,390,534 335,782,792 Total pension liability-ending (a) $ 409,167,507 $ 395,274,891 $ 369,634,692 $ 349,390,534

PLAN FIDUCIARY NET POSITION
Contributions-employer $ 13,469,231 $ 12,534,641 $ 11,881,157 $ 10,957,281 Contributions-employee 3,703,207 2,928,040 2,953,145 2,740,550 Net investment income 25,942,894 16,058,293 (21,318,981) 52,656,347 Benefit payments, including refunds of employee contributions (20,446,168) (19,337,114) (17,725,731) (15,713,448) Net plan to plan resource movement - 23,330 (23,330) (8,885) Administrative expense (220,925) (190,817) (176,853) (233,254) Other miscellaneous income/(expense) - - - -
Net change in fiduciary net position 22,448,239 12,016,373 (24,410,593) 50,398,591 Plan fiduciary net position-beginning $ 271,506,217 $ 259,489,844 $ 283,900,437 $ 233,501,846 Plan fiduciary net position-ending (b) $ 293,954,456 $ 271,506,217 $ 259,489,844 $ 283,900,437 Net pension liability/(asset) (a) - (b) $ 115,213,051 $ 123,768,674 $ 110,144,848 $ 65,490,097 Plan fiduciary net position as a percentage of the total pension liability 71.8 % 68.7 % 70.2 % 81.3 %
Covered-employee payroll $ 41,266,385 $ 38,908,599 $ 37,882,008 $ 38,572,142 Plan net pension liability/(asset) as a percentage of covered- employee payroll 279.2 % 318.1 % 290.8 % 169.8 %
Notes to Schedule of Changes in the Net Pension Liability and Related Ratios:

Benefit Changes: The figures above generally include any liability impact that may have resulted from voluntary benefit changes that occurred on or before the Measurement Date. However, offers of Two Years Additional Service Credit (a.k.a. Golden Handshakes) that occurred after the Valuation Date are not included in the figures above, unless the liability impact is deemed to be material by the plan actuary.

Changes of Assumptions: There were no assumption changes in 2023 or 2024. Effective with the June 30, 2021, valuation date (June 30, 2022, measurement date), the accounting discount rate was reduced from 7.15% to 6.90%. In determining the long-term expected rate of return, CalPERS took into account long-term market return expectations as well as the expected pension fund cash flows. In addition, demographic assumptions and the price inflation assumption were changed in accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions . The accounting discount rate was 7.15% for measurement dates June 30, 2017, through June 30, 2021, and 7.65% for measurement dates June 30, 2015, through June 30, 2016.

CITY OF CULVER CITY, CALIFORNIA
Schedule of Changes in Net Pension Liability and Related Ratios Miscellaneous Agent, Multiple-Employer Pension Plan
As of June 30, for the Last Ten Fiscal Years
97 2021 2020 2019 2018 2017 2016
6/30/2020 6/30/2019 6/30/2018 6/30/2017 6/30/2016 6/30/2015 $ 6,152,289 $ 6,100,488 $ 5,840,702 $ 5,654,517 $ 5,035,714 $ 4,911,950 22,694,983 21,824,037 20,506,704 19,754,857 19,172,836 18,310,677 - 48,596 143,405 - - -
- - (2,546,031) 16,345,262 - (4,429,450)
(1,298,128) 5,548,202 164,388 (3,129,611) (294,797) (1,386,409) (14,801,355) (14,141,132) (13,158,591) (12,339,176) (11,795,228) (11,644,085) 12,747,789 19,380,191 10,950,577 26,285,849 12,118,525 5,762,683 323,035,003 303,654,812 292,704,235 266,418,386 254,299,861 248,537,178 $ 335,782,792 $ 323,035,003 $ 303,654,812 $ 292,704,235 $ 266,418,386 $ 254,299,861 $ 10,092,870 $ 8,759,782 $ 7,730,160 $ 7,347,239 $ 6,864,716 $ 5,915,829 2,804,801 2,735,156 2,694,597 2,680,792 2,591,939 2,494,358 11,172,797 13,964,311 16,834,787 20,132,561 922,415 4,025,216 (14,801,355) (14,141,132) (13,158,591) (12,339,176) (11,795,228) (11,644,085) - - (495) (25,198) (69) -
(316,559) (152,275) (311,946) (269,686) (112,253) (207,377) - 495 (592,391) - - -
8,952,554 11,166,337 13,196,121 17,526,532 (1,528,480) 583,941 $ 224,549,292 $ 213,382,955 $ 200,186,834 $ 182,660,302 $ 184,188,782 $ 183,604,841 $ 233,501,846 $ 224,549,292 $ 213,382,955 $ 200,186,834 $ 182,660,302 $ 184,188,782 $ 102,280,946 $ 98,485,711 $ 90,271,857 $ 92,517,401 $ 83,758,084 $ 70,111,079

69.5 % 69.5 % 70.3 % 68.4 % 68.6 % 72.4 %
$ 36,664,416 $ 35,965,617 $ 34,541,974 $ 33,069,286 $ 32,319,580 $ 31,064,702 279.0 % 273.8 % 261.3 % 279.8 % 259.2 % 225.7 %

CITY OF CULVER CITY, CALIFORNIA
Schedule of Changes in Net Pension Liability and Related Ratios Miscellaneous Agent, Multiple-Employer Pension Plan
As of June 30, for the Last Ten Fiscal Years
98 Schedule of Changes in Net Pension Liability and Related Ratios - Safety Agent, Multiple-Employer Pension Plan 2025 2024 2023 2022
Measurement Date 6/30/2024 6/30/2023 6/30/2022 6/30/2021

TOTAL PENSION LIABILITY
Service cost $ 8,326,287 $ 7,609,205 $ 7,857,550 $ 7,125,026 Interest on total pension liability 34,306,669 32,462,885 31,029,143 30,110,920 Changes of benefit terms - 166,393 - -
Changes of assumptions - - 13,700,465 -
Difference between expected and actual experience 13,374,608 7,414,507 1,302,331 3,483,416 Benefit payments, including refunds of employee contributions (27,811,820) (26,355,656) (24,773,459) (23,304,571) Net change in total pension liability 28,195,744 21,297,334 29,116,030 17,414,791 Total pension liability-beginning 493,566,254 472,268,920 443,152,890 425,738,099 Total pension liability-ending (a) $ 521,761,998 $ 493,566,254 $ 472,268,920 $ 443,152,890

PLAN FIDUCIARY NET POSITION
Contributions-employer $ 19,161,590 $ 18,114,544 $ 16,392,333 $ 15,257,575 Contributions-employee 3,034,036 2,738,016 2,499,775 2,568,476 Net investment income 28,944,485 17,869,385 (24,162,332) 59,880,432 Benefit payments, including refunds of employee contributions (27,811,820) (26,355,656) (24,773,459) (23,304,571) Net plan to plan resource movement - (23,330) 23,330 8,885 Administrative expense (245,454) (212,900) (199,179) (265,313) Other miscellaneous income/(expense) - - - -
Net change in fiduciary net position 23,082,837 12,130,059 (30,219,532) 54,145,484 Plan fiduciary net position-beginning $ 301,650,345 $ 289,520,286 $ 319,739,818 $ 265,594,334 Plan fiduciary net position-ending (b) $ 324,733,182 $ 301,650,345 $ 289,520,286 $ 319,739,818 Net pension liability/(asset) (a) - (b) $ 197,028,816 $ 191,915,909 $ 182,748,634 $ 123,413,072 Plan fiduciary net position as a percentage of the total pension liability 62.2 % 61.1 % 61.3 % 72.2 %
Covered-employee payroll $ 27,689,680 $ 25,146,083 $ 25,872,736 $ 25,283,983 Plan net pension liability/(asset) as a percentage of covered- employee payroll 711.6 % 763.2 % 706.3 % 488.1 %
Notes to Schedule of Changes in the Net Pension Liability and Related Ratios:

Benefit Changes: The figures above generally include any liability impact that may have resulted from voluntary benefit changes that occurred on or before the Measurement Date. However, offers of Two Years Additional Service Credit (a.k.a. Golden Handshakes) that occurred after the Valuation Date are not included in the figures above, unless the liability impact is deemed to be material by the plan actuary.

Changes of Assumptions: There were no assumption changes in 2023 or 2024. Effective with the June 30, 2021, valuation date (June 30, 2022, measurement date), the accounting discount rate was reduced from 7.15% to 6.90%. In determining the long-term expected rate of return, CalPERS took into account long-term market return expectations as well as the expected pension fund cash flows. In addition, demographic assumptions and the price inflation assumption were changed in accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions . The accounting discount rate was 7.15% for measurement dates June 30, 2017, through June 30, 2021, and 7.65% for measurement dates June 30, 2015, through June 30, 2016.

CITY OF CULVER CITY, CALIFORNIA
Schedule of Changes in Net Pension Liability and Related Ratios Safety Agent, Multiple-Employer Pension Plan
As of June 30, for the Last Ten Fiscal Years
99 2021 2020 2019 2018 2017 2016
6/30/2020 6/30/2019 6/30/2018 6/30/2017 6/30/2016 6/30/2015 $ 6,677,059 $ 6,716,477 $ 6,298,282 $ 6,129,038 $ 5,119,113 $ 4,743,829 28,910,371 27,808,946 26,642,025 25,705,374 24,915,561 23,705,339 - - - - - -
- - (1,351,192) 21,337,731 - (5,729,967)
1,935,553 3,041,661 1,418,628 (16,644) 4,495,216 (3,360,555) (21,703,315) (20,370,103) (19,370,885) (18,402,022) (17,675,231) (16,949,000) 15,819,668 17,196,981 13,636,858 34,753,477 16,854,659 2,409,646 409,918,431 392,721,450 379,084,592 344,331,115 327,476,456 325,066,810 $ 425,738,099 $ 409,918,431 $ 392,721,450 $ 379,084,592 $ 344,331,115 $ 327,476,456 $ 13,635,532 $ 11,760,090 $ 10,375,287 $ 10,184,688 $ 8,873,934 $ 7,389,950 2,334,755 2,192,763 2,163,272 2,060,064 2,392,965 1,948,457 12,857,771 16,205,685 19,871,943 24,081,093 1,115,225 4,990,457 (21,703,315) (20,370,103) (19,370,885) (18,402,022) (17,675,231) (16,949,000) - - (581) 25,198 69 -
(364,893) (177,851) (369,710) (324,271) (137,163) (253,316) - 581 (702,086) - - -
6,759,850 9,611,165 11,967,240 17,624,750 (5,430,201) (2,873,452) $ 258,834,484 $ 249,223,319 $ 237,256,079 $ 219,631,329 $ 225,061,530 $ 227,934,982 $ 265,594,334 $ 258,834,484 $ 249,223,319 $ 237,256,079 $ 219,631,329 $ 225,061,530 $ 160,143,765 $ 151,083,947 $ 143,498,131 $ 141,828,513 $ 124,699,786 $ 102,414,926

62.4 % 63.1 % 63.5 % 62.6 % 63.8 % 68.7 %
$ 23,313,753 $ 23,257,305 $ 21,848,552 $ 21,045,353 $ 19,489,503 $ 18,014,087 686.9 % 649.6 % 656.8 % 673.9 % 639.8 % 568.5 %

CITY OF CULVER CITY, CALIFORNIA
Schedule of Changes in Net Pension Liability and Related Ratios Safety Agent, Multiple-Employer Pension Plan
As of June 30, for the Last Ten Fiscal Years
100
Schedules of Plan Contributions
Miscellaneous Agent, Multiple-Employer Pension Plan
2025 $ 13,469,231 $ 13,469,231 $ - $ 41,266,385 32.6%
2024 11,150,012 11,150,012 - 47,684,720 23.4%
2023 12,534,641 12,534,641 - 38,908,599 32.2%
2022 11,881,157 11,881,157 - 37,882,008 31.4%
2021 10,957,281 10,957,281 - 38,572,142 28.4%
2020 10,092,870 10,092,870 - 36,664,416 27.5%
2019 8,759,782 8,759,782 - 35,965,617 24.4%
2018 7,730,160 7,730,160 - 34,541,974 22.4%
2017 7,198,199 7,347,239 (149,040) 33,069,286 22.2% 2016 6,665,996 6,864,716 (198,720) 32,319,580 21.2% Safety Agent, Multiple-Employer Pension Plan
2025 $ 19,161,590 $ 19,161,590 $ - $ 27,689,680 69.2%
2024 17,545,649 17,545,649 - 30,447,452 57.6%
2023 12,806,718 12,806,718 - 25,146,083 50.9%
2022 16,392,333 16,392,333 - 25,872,736 63.4%
2021 15,257,575 15,257,575 - 25,283,983 60.3%
2020 13,635,532 13,635,532 - 23,313,753 58.5%
2019 11,760,090 11,760,090 - 23,257,305 50.6%
2018 10,375,287 10,375,287 - 21,848,552 47.5%
2017 10,184,688 10,184,688 - 21,045,353 48.4%
2016 8,873,934 8,873,934 - 19,489,503 45.5%
Single Employer OPEB Plan
2025 $ 6,524,000 $ 7,316,911 $ (792,911) $ 91,856,543 8.0% 2024 6,919,000 6,956,180 (37,180) 78,059,041 8.9%
2023 6,778,000 6,645,802 132,198 66,994,341 9.9%
2022 7,268,000 6,404,161 863,839 64,592,679 9.9%
2021 7,144,000 6,071,864 1,072,136 63,028,918 9.6%
2020 9,219,000 6,073,330 3,145,670 64,408,288 9.4%
2019 9,049,000 11,176,363 (2,127,363) 58,966,981 19% 2018 8,885,000 10,940,000 (2,055,000) 47,827,529 22.9% 2017 9,422,000 11,037,000 (1,615,000) 39,943,000 27.6% 2016 9,241,000 11,263,000 (2,022,000) 23,238,000 48.5% Covered/ Contribution as a
Fiscal Year Actuarially Actual Contribution Covered- % of Covered/ Ending Determined Employer Deficiency Employee Covered Employee June 30, Contribution Contributions (Excess) Payroll Payroll

CITY OF CULVER CITY, CALIFORNIA
Schedules of Plan Contributions
As of June 30, For the Last Ten Fiscal Years
101
Schedule of Changes in the Net OPEB Liabilities and Related Ratios 2025 2024 2023 2022
Measurement Date 6/30/2024 6/30/2023 6/30/2022 6/30/2021

TOTAL OPEB LIABILITY
Service cost $ 1,683,802 $ 1,898,678 $ 1,943,933 $ 2,102,062 Interest on total pension liability 7,113,234 7,188,122 7,057,600 7,699,100 Changes of benefit terms - 619,814 - -
Changes of assumptions - - - 11,208,390
Difference between expected and actual experience - (3,622,308) - (15,164,245) Benefit payments, including refunds of employee contributions (7,299,567) (6,935,531) (6,626,279) (6,390,150) Net change in total OPEB liability 1,497,469 (851,225) 2,375,254 (544,843) Total OPEB liability-beginning 120,519,888 121,371,113 118,995,859 119,540,702 Total OPEB liability-ending (a) $ 122,017,357 $ 120,519,888 $ 121,371,113 $ 118,995,859

PLAN FIDUCIARY NET POSITION
Contributions-employer 7,316,911 6,956,180 6,645,802 6,404,161 Net investment income 8,350,090 8,409,513 5,161,674 (9,270,972) Benefit payments, including refunds of employee contributions (7,299,567) (6,935,531) (6,626,279) (6,390,150) Net plan to plan resource movement - - - -
Administrative expense (36,726) (37,734) (35,229) (31,585) Other miscellaneous income/(expense) - - - -
Net change in fiduciary net position 8,330,708 8,392,428 5,145,968 (9,288,546) Plan fiduciary net position-beginning 69,592,209 61,199,781 56,053,813 65,342,359 Plan fiduciary net position-ending (b) 77,922,917 69,592,209 61,199,781 56,053,813 Net OPEB liability/(asset) (a) - (b) $ 44,094,440 $ 50,927,679 $ 60,171,332 $ 62,942,046 Plan fiduciary net position as a percentage of the total OPEB liability 63.9% 57.7% 50.4% 47.1%
Covered-employee payroll $ 91,856,543 $ 78,059,041 $ 66,994,341 $ 64,592,679 Plan net OPEB liability/(asset) as a percentage of covered- employee payroll 48.0% 65.2% 89.8% 97.4%
Notes to Schedule of Changes in the Net OPEB Liability and Related Ratios:

Benefit Changes: None
Changes of Assumptions: None
1Fiscal year 2018 was the first year of GASB Statement No. 75 implementation; therefore only eight years are shown.

CITY OF CULVER CITY, CALIFORNIA
Schedule of Changes in the Net OPEB Liability and Related Ratios As of June 30, For the Last Ten Fiscal Years1
102
2021 2020 2019 2018
6/30/2020 6/30/2019 6/30/2018 6/30/2017
$ 2,120,093 $ 2,519,161 $ 2,525,145 $ 2,244,000
7,480,807 8,597,512 8,285,252 8,884,000
- - - -
- (2,123,632) - 7,174,000
- (19,714,893) - (12,111,000)
(6,058,893) (6,059,415) (5,941,435) (5,795,000)
3,542,007 (16,781,267) 4,868,962 396,000
115,998,695 132,779,962 127,911,000 127,515,000
$ 119,540,702 $ 115,998,695 $ 132,779,962 $ 127,911,000 6,071,864 6,073,330 11,176,363 10,940,000
14,566,767 2,964,438 2,661,837 3,191,000
(6,058,893) (6,059,415) (5,941,435) (5,795,000)
- - - -
(29,346) (13,915) (12,236) (17,000)
- - - -
14,550,392 2,964,438 7,884,529 8,319,000
50,791,967 47,827,529 39,943,000 31,624,000
65,342,359 50,791,967 47,827,529 39,943,000
$ 54,198,343 $ 65,206,728 $ 84,952,433 $ 87,968,000

54.7% 43.8% 36% 31.2%
$ 63,028,918 $ 64,408,288 $ 58,966,981 $ 47,827,529

86.0% 101.2% 144.1% 183.9%

CITY OF CULVER CITY, CALIFORNIA
Schedule of Changes in the Net OPEB Liabilities and Related Ratios As of June 30, For the Last Ten Fiscal Years1
103
Budgetary Information
City of Culver City, California
Annual Comprehensive Financial Report
104
Schedules of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual – General Fund and Major Special Revenue Funds
City of Culver City, California
Annual Comprehensive Financial Report
105
General Fund

REVENUES
Property taxes $ 128,238,347 $ 125,652,967 $ 131,862,485 $ 6,209,518 Licenses and permits 4,041,000 3,665,504 3,611,471 (54,033) Fines and forfeitures 4,450,000 3,162,000 4,628,692 1,466,692 Intergovernmental 7,789,658 8,103,344 8,800,486 697,142 Charges for services 10,496,667 10,288,113 12,871,831 2,583,718 Investment earnings 3,198,405 3,558,976 10,291,618 6,732,642 Grants 20,000 20,000 - (20,000)
Miscellaneous 1,346,000 1,535,315 1,578,623 43,308
Total revenues 159,580,077 155,986,219 173,645,206 17,658,987

EXPENDITURES
Current:

General government 23,859,300 27,649,590 26,429,503 1,220,087 Parks, recreation, and community services 12,985,087 13,646,762 12,276,115 1,370,647 Police 55,974,113 56,559,062 57,055,644 (496,582)
Fire 35,053,404 34,907,005 36,094,078 (1,187,073)
Planning and development 6,746,915 7,725,296 6,674,684 1,050,612 Housing and human services 16,574,652 22,704,949 12,889,492 9,815,457 Public works 19,008,747 19,829,194 18,539,277 1,289,917 Capital outlay 555,080 753,925 7,333,949 (6,580,024) Debt service:

Principal payments - - 2,379,622 (2,379,622)
Interest - - 173,522 (173,522)
Total expenditures 170,757,298 183,775,783 179,845,886 3,929,897 Excess (deficiency) of revenues
over (under) expenditures (11,177,221) (27,789,564) (6,200,680) 21,588,884

OTHER FINANCING SOURCES (USES)
Transfers in 3,220,030 3,715,718 3,365,718 (350,000) Transfers out (10,377,804) (12,327,804) (17,527,804) (5,200,000) Lease proceeds - - 2,054,170 2,054,170
Subscription proceeds - - 6,932,708 6,932,708
Total other financing sources (uses) (7,157,774) (8,612,086) (5,175,208) 3,436,878 Net change in fund balance $ (18,334,995) $ (36,401,650) (11,375,888) $ 25,025,762 Fund balance-beginning 152,200,681
Fund balance-ending $ 140,824,793
Original Final
Actual
Amounts
Variance with
Final Budget
Positive
(Negative)

CITY OF CULVER CITY, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual General Fund
For the Year Ended June 30, 2025
106
Culver City Housing Authority Special Revenue Fund
Original Final
Actual
Amounts
Variance with
Final Budget
Positive
(Negative)

REVENUES
Investment earnings $ - $ - $ 658,993 $ 658,993
Miscellaneous - - 159,000 159,000
Total revenues - - 817,993 817,993

EXPENDITURES
Current:

Housing and human services 5,780,006 6,104,757 674,100 5,430,657 Public works 10,000 10,000 2,023 7,977
Capital outlay - 6,080 - 6,080
Total expenditures 5,790,006 6,120,837 676,123 5,444,714 Excess (deficiency) of revenues
over (under) expenditures (5,790,006) (6,120,837) 141,870 6,262,707

OTHER FINANCING SOURCES (USES)
Transfers out (750,000) (750,000) (750,000) -
Total other financing sources (uses) (750,000) (750,000) (750,000) - Net change in fund balance $ (6,540,006) $ (6,870,837) (608,130) $ 6,262,707 Fund balance-beginning 28,907,430
Fund balance-ending $ 28,299,300

CITY OF CULVER CITY, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Culver City Housing Authority
For the Year Ended June 30, 2025
107
Notes to Required Supplementary Information (Unaudited) Budgetary Comparison Schedule NOTE 1: BUDGETS AND BUDGETARY DATA
The adopted budget of the City consists of are solution specifying the total appropriation for each departmental activity, such as Police Administration, Street Maintenance, and other activities.

Total appropriations for each fund may only be increased or decreased by the City Council by passage of a resolution amending the budget, with the exception of budget adjustments which involve offsetting revenues and expenditures. In cases involving offsetting revenues and expenditures, the Chief Financial Officer is authorized to increase or decrease an appropriation for a specific purpose where said appropriation is offset by unbudgeted revenue which is designated for said specific purpose.

The City Manager has the authority to adjust the amounts appropriated between the departments and activities of a fund, objects within each departmental activity and between accounts within the objects, provided however, that the total appropriations for each fund do not exceed the amounts provided in the budget resolution.

The level at which expenditures may not legally exceed appropriations is the fund level.

All appropriations lapse at the fiscal year-end unless City Council takes formal action in the form of a resolution to continue the appropriation into the following year.

Budgets for the various funds are adopted on a basis consistent with generally accepted accounting principles in the United States. Annual appropriated budgets are legally adopted for the general, special revenue, debt service, capital projects, and proprietary fund types.

For the year ended June 30, 2025, no budget was adopted for the Affordable Housing DIF and Board of State Community Corrections special revenue funds.

CITY OF CULVER CITY, CALIFORNIA
Notes to Required Supplementary Information (Unaudited) For the Year Ended June 30, 2025
108
Supplementary Information
City of Culver City, California
Annual Comprehensive Financial Report
109
Nonmajor Governmental Funds
110
Combining Balance Sheet
Special Revenue Funds
Gas Tax
Proposition
A Local
Return
Proposition
C Local
Return Measure R
ASSETS
Cash and investments $ 7,102,749 $ - $ 337 $ 1,128,742
Receivables (net of allowance for uncollectible):

Accounts - - - -
Interest 49,528 392 - 5,599
Due from other governments 290,108 - - -
Notes and loans - - - -
Due from other funds - - - -
Total assets 7,442,385 392 337 1,134,341

LIABILITIES
Accounts payable $ 159,649 $ - $ 337 $ -
Salaries and benefits payable - - - -
Unearned revenues - - - -
Retainage payable - - - -
Deposits payable - - - -
Due to other governments - - - -
Due to other funds - 392 - -
Due to successor agency - - - -
Total liabilities 159,649 392 337 -

FUND BALANCES (DEFICITS)
Restricted 7,282,736 - - 1,134,341
Unassigned - - - -
Total fund balances (deficits) 7,282,736 - - 1,134,341 Total liabilities fund balances (deficits) $ 7,442,385 $ 392 $ 337 $ 1,134,341

CITY OF CULVER CITY, CALIFORNIA
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2025
111
Special Revenue Funds
Operating
Grants
Section 8
Housing
Art in Public
Places
Planning and
Development
ASSETS
Cash and investments $ - $ 888,656 $ 3,781,939 $ 400,062 Receivables (net of allowance for uncollectible):

Accounts 130 - - -
Interest 14,578 - 26,474 2,799
Due from other governments 811,677 - - -
Notes and loans - - - -
Due from other funds - 9,717 - -
Total assets 826,385 898,373 3,808,413 402,861

LIABILITIES
Accounts payable $ 177,148 $ 40,525 $ 34,198 $ -
Salaries and benefits payable 6,997 9,441 - -
Unearned revenues 630,198 - - -
Retainage payable - - - -
Deposits payable - 25,313 - -
Due to other governments - - - -
Due to other funds 1,317,628 485 - -
Due to successor agency - - - -
Total liabilities 2,131,971 75,764 34,198 -

FUND BALANCES (DEFICITS)
Restricted - 822,609 3,774,215 402,861
Unassigned (1,305,586) - - -
Total fund balances (deficits) (1,305,586) 822,609 3,774,215 402,861 Total liabilities fund balances (deficits) $ 826,385 $ 898,373 $ 3,808,413 $ 402,861

CITY OF CULVER CITY, CALIFORNIA
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2025
112
Special Revenue Funds
CDBG
Special
Assessment
Park
Facilities
Asset
Seizure
ASSETS
Cash and investments $ 38,823 $ 430,629 $ 1,361,755 $ 476,072 Receivables (net of allowance for uncollectible):

Accounts - 2,180 - -
Interest - 7,075 9,432 3,353
Due from other governments - 5,100 - -
Notes and loans - - - -
Due from other funds - - - -
Total assets 38,823 444,984 1,371,187 479,425

LIABILITIES
Accounts payable $ - $ 5,721 $ 60,751 $ 3,204
Salaries and benefits payable - - - -
Unearned revenues - - - -
Retainage payable - - - -
Deposits payable - 14,398 - -
Due to other governments 38,820 - - -
Due to other funds - - - -
Due to successor agency - - - -
Total liabilities 38,820 20,119 60,751 3,204

FUND BALANCES (DEFICITS)
Restricted 3 424,865 1,310,436 476,221
Unassigned - - - -
Total fund balances (deficits) 3 424,865 1,310,436 476,221 Total liabilities fund balances (deficits) $ 38,823 $ 444,984 $ 1,371,187 $ 479,425

CITY OF CULVER CITY, CALIFORNIA
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2025
113
Special Revenue Funds
Parking
Authority
Safe/Clean
Water
Protection Measure W
Building
Surcharge
ASSETS
Cash and investments $ 17,680,898 $ 15,196,540 $ 6,165,150 $ - Receivables (net of allowance for uncollectible):

Accounts 189,017 - - -
Interest 123,338 105,530 44,005 -
Due from other governments - 28,366 - -
Notes and loans - - - -
Due from other funds - - - -
Total assets 17,993,253 15,330,436 6,209,155 -

LIABILITIES
Accounts payable $ 139,421 $ 48,970 $ 69,865 $ -
Salaries and benefits payable - - - 7,956
Unearned revenues - - - -
Retainage payable - - - -
Deposits payable 86,743 - - -
Due to other governments - - - -
Due to other funds - - - 138,840
Due to successor agency - - - -
Total liabilities 226,164 48,970 69,865 146,796

FUND BALANCES (DEFICITS)
Restricted 17,767,089 15,281,466 6,139,290 -
Unassigned - - - (146,796)
Total fund balances (deficits) 17,767,089 15,281,466 6,139,290 (146,796) Total liabilities fund balances (deficits) $ 17,993,253 $ 15,330,436 $ 6,209,155 $ -

CITY OF CULVER CITY, CALIFORNIA
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2025
114
Special Revenue Funds
Paratransit Measure M AQMD
Mobility
Improvement
ASSETS
Cash and investments $ 344 $ 2,696,758 $ 337,112 $ 3,442,468 Receivables (net of allowance for uncollectible):

Accounts 909 - 13,997 -
Interest - 18,899 2,162 24,071
Due from other governments 99,824 - - -
Notes and loans - - - -
Due from other funds - - - -
Total assets 101,077 2,715,657 353,271 3,466,539

LIABILITIES
Accounts payable $ - $ 185,036 $ 44,763 $ -
Salaries and benefits payable 20,249 - - -
Unearned revenues 99,990 - 13,997 -
Retainage payable - 83,659 - -
Deposits payable - - - -
Due to other governments - - - -
Due to other funds - - - -
Due to successor agency - - - -
Total liabilities 120,239 268,695 58,760 -

FUND BALANCES (DEFICITS)
Restricted - 2,446,962 294,511 3,466,539
Unassigned (19,162) - - -
Total fund balances (deficits) (19,162) 2,446,962 294,511 3,466,539 Total liabilities fund balances (deficits) $ 101,077 $ 2,715,657 $ 353,271 $ 3,466,539

CITY OF CULVER CITY, CALIFORNIA
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2025
115
Special
Revenue
Funds Capital Projects Funds
Affordable
Housing DIF
Capital
Improvement
Grants
Cooperative
Projects
ASSETS
Cash and investments $ 977,380 $ 17,748,612 $ 1,522,154 Receivables (net of allowance for uncollectible):

Accounts - - -
Interest 6,837 126,301 1,382,334
Due from other governments - 1,704,054 -
Notes and loans - - 3,395,000
Due from other funds - - -
Total assets 984,217 19,578,967 6,299,488

LIABILITIES
Accounts payable $ - $ 280,472 $ -
Salaries and benefits payable - - -
Unearned revenues - 3,199,094 -
Retainage payable - 24,929 -
Deposits payable - - 113,245
Due to other governments - - -
Due to other funds - - -
Due to successor agency - - 1,106,122
Total liabilities - 3,504,495 1,219,367

FUND BALANCES (DEFICITS)
Restricted 984,217 16,074,472 5,080,121
Unassigned - - -
Total fund balances (deficits) 984,217 16,074,472 5,080,121 Total liabilities fund balances (deficits) $ 984,217 $ 19,578,967 $ 6,299,488

CITY OF CULVER CITY, CALIFORNIA
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2025
116
Capital
Projects
Funds
CDBG Capital
Projects
Total
Nonmajor
Funds
ASSETS
Cash and investments $ 1 $ 81,377,181
Receivables (net of allowance for uncollectible):

Accounts - 206,233
Interest - 1,952,707
Due from other governments 105,550 3,044,679
Notes and loans - 3,395,000
Due from other funds - 9,717
Total assets 105,551 89,985,517

LIABILITIES
Accounts payable $ 100,273 $ 1,350,333
Salaries and benefits payable - 44,643
Unearned revenues 10,291 3,953,570
Retainage payable 5,278 113,866
Deposits payable - 239,699
Due to other governments - 38,820
Due to other funds - 1,457,345
Due to successor agency - 1,106,122
Total liabilities 115,842 8,304,398

FUND BALANCES (DEFICITS)
Restricted - 83,162,954
Unassigned (10,291) (1,481,835)
Total fund balances (deficits) (10,291) 81,681,119
Total liabilities fund balances (deficits) $ 105,551 $ 89,985,517

CITY OF CULVER CITY, CALIFORNIA
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2025
117
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Special Revenue Funds
Gas Tax
Proposition
A Local
Return
Proposition
C Local
Return Measure R

REVENUES
Licenses and permits $ - $ - $ - $ -
Intergovernmental 2,228,176 1,041,206 863,654 647,620 Charges for services - - - -
Investment earnings 291,596 1,908 - 37,907
Grants - - - -
Miscellaneous - - - -
Total revenues 2,519,772 1,043,114 863,654 685,527

EXPENDITURES
Current:

General government - - - -
Parks, recreation, and community services - - - -
Police - - - -
Fire - - - -
Planning and development - - - -
Housing and human services - - - -
Public works - - - -
Transportation - - - -
Capital outlay 1,093,906 - 47,446 377,855
Debt service:

Principal payments - - - -
Interest - - 1,609 -
Total expenditures 1,093,906 - 49,055 377,855
Excess (deficiency) of revenues
over (under) expenditures 1,425,866 1,043,114 814,599 307,672

OTHER FINANCING SOURCES (USES)
Transfers in - - - -
Transfers out (400,000) (1,063,111) (598,090) -
Subscription proceeds - - - -
Total other financing sources (uses) (400,000) (1,063,111) (598,090) - Net change in fund balances 1,025,866 (19,997) 216,509 307,672 Fund balances-beginning, as originally reported 6,256,870 19,997 (216,509) 826,669 Change within financial reporting entity - - - -
Restatements - - - -
Fund balances (deficit)-beginning, as restated 6,256,870 19,997 (216,509) 826,669 Fund balances (deficit)-ending $ 7,282,736 $ - $ - $ 1,134,341

CITY OF CULVER CITY, CALIFORNIA
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Nonmajor Governmental Funds
For the Year Ended June 30, 2025
118
Special Revenue Funds
Operating
Grants
Section 8
Housing
Art in Public
Places
Planning and
Development

REVENUES
Licenses and permits $ - $ - $ 286,939 $ 14,883
Intergovernmental 884,635 1,364,745 - -
Charges for services - - - -
Investment earnings 109,589 23,332 161,652 14,614
Grants 882,750 - - -
Miscellaneous - - - -
Total revenues 1,876,974 1,388,077 448,591 29,497

EXPENDITURES
Current:

General government - - 355,586 -
Parks, recreation, and community services - - - -
Police 244,769 - - -
Fire 103,825 - - -
Planning and development 108,268 - - -
Housing and human services 2,896,206 1,663,320 - -
Public works 167,987 - - -
Transportation 23,704 - - -
Capital outlay 1,639,832 - 272,452 -
Debt service:

Principal payments 168,467 - - -
Interest 4,010 - - -
Total expenditures 5,357,068 1,663,320 628,038 -
Excess (deficiency) of revenues
over (under) expenditures (3,480,094) (275,243) (179,447) 29,497

OTHER FINANCING SOURCES (USES)
Transfers in 23,704 - - -
Transfers out - - (186,330) -
Subscription proceeds 1,536,147 - - -
Total other financing sources (uses) 1,559,851 - (186,330) - Net change in fund balances (1,920,243) (275,243) (365,777) 29,497 Fund balances-beginning, as originally reported 614,657 1,097,852 4,139,992 373,364 Change within financial reporting entity - - - -
Restatements - - - -
Fund balances (deficit)-beginning, as restated 614,657 1,097,852 4,139,992 373,364 Fund balances (deficit)-ending $ (1,305,586) $ 822,609 $ 3,774,215 $ 402,861

CITY OF CULVER CITY, CALIFORNIA
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Year Ended June 30, 2025
119
Special Revenue Funds
CDBG
Special
Assessment
Park
Facilities
Asset
Seizure

REVENUES
Licenses and permits $ - $ - $ - $ -
Intergovernmental 27,200 - - 127,194
Charges for services - 89,477 157,315 -
Investment earnings - 47,189 55,416 20,633
Grants - - - -
Miscellaneous - - - -
Total revenues 27,200 136,666 212,731 147,827

EXPENDITURES
Current:

General government - 84,256 - -
Parks, recreation, and community services 27,200 - - - Police - - - 82,109
Fire - - - -
Planning and development - - - -
Housing and human services - - - -
Public works - - - -
Transportation - - - -
Capital outlay - - 67,017 -
Debt service:

Principal payments - - - -
Interest - - - -
Total expenditures 27,200 84,256 67,017 82,109
Excess (deficiency) of revenues
over (under) expenditures - 52,410 145,714 65,718

OTHER FINANCING SOURCES (USES)
Transfers in - - - -
Transfers out - - - -
Subscription proceeds - - - -
Total other financing sources (uses) - - - -
Net change in fund balances - 52,410 145,714 65,718 Fund balances-beginning, as originally reported 3 372,455 1,164,722 410,503 Change within financial reporting entity - - - -
Restatements - - - -
Fund balances (deficit)-beginning, as restated 3 372,455 1,164,722 410,503 Fund balances (deficit)-ending $ 3 $ 424,865 $ 1,310,436 $ 476,221

CITY OF CULVER CITY, CALIFORNIA
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Year Ended June 30, 2025
120
Special Revenue Funds
Parking
Authority
Safe/Clean
Water
Protection Measure W
Building
Surcharge

REVENUES
Licenses and permits $ 15,173 $ - $ - $ 197,493
Intergovernmental - 113,589 524,657 -
Charges for services 4,207,762 2,112,774 - -
Investment earnings 772,270 624,296 260,970 -
Grants - - - -
Miscellaneous 22,984 - - -
Total revenues 5,018,189 2,850,659 785,627 197,493

EXPENDITURES
Current:

General government 106,275 - - -
Parks, recreation, and community services - - - -
Police - - - -
Fire - - - -
Planning and development 2,271,855 437,778 - 234,784 Housing and human services - - - -
Public works - - - -
Transportation - - - -
Capital outlay 681,748 1,340,121 333,042 -
Debt service:

Principal payments - 103,170 - -
Interest - - - -
Total expenditures 3,059,878 1,881,069 333,042 234,784 Excess (deficiency) of revenues
over (under) expenditures 1,958,311 969,590 452,585 (37,291)

OTHER FINANCING SOURCES (USES)
Transfers in - - - -
Transfers out (1,433,700) - - -
Subscription proceeds - 437,585 - -
Total other financing sources (uses) (1,433,700) 437,585 - - Net change in fund balances 524,611 1,407,175 452,585 (37,291) Fund balances-beginning, as originally reported 17,242,478 13,874,291 5,686,705 (109,505) Change within financial reporting entity - - - -
Restatements - - - -
Fund balances (deficit)-beginning, as restated 17,242,478 13,874,291 5,686,705 (109,505) Fund balances (deficit)-ending $ 17,767,089 $ 15,281,466 $ 6,139,290 $ (146,796)

CITY OF CULVER CITY, CALIFORNIA
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Year Ended June 30, 2025
121

Special Revenue Funds
Paratransit Measure M AQMD
Mobility
Improvement

REVENUES
Licenses and permits $ - $ - $ - $ -
Intergovernmental 74,272 733,732 52,954 -
Charges for services 183 - - 424,550
Investment earnings - 119,658 12,696 145,692
Grants - - - -
Miscellaneous 1,872 - - -
Total revenues 76,327 853,390 65,650 570,242

EXPENDITURES
Current:

General government - - - -
Parks, recreation, and community services - - - -
Police - - - -
Fire - - - -
Planning and development - - - -
Housing and human services - - - -
Public works - - - -
Transportation 728,761 - - -
Capital outlay - 1,118,610 38,695 -
Debt service:

Principal payments - - - -
Interest - - - -
Total expenditures 728,761 1,118,610 38,695 -
Excess (deficiency) of revenues
over (under) expenditures (652,434) (265,220) 26,955 570,242

OTHER FINANCING SOURCES (USES)
Transfers in 709,910 - - -
Transfers out - - - -
Subscription proceeds - - - -
Total other financing sources (uses) 709,910 - - -
Net change in fund balances 57,476 (265,220) 26,955 570,242 Fund balances-beginning, as originally reported (76,638) 2,712,182 267,556 2,896,297 Change within financial reporting entity - - - -
Restatements - - - -
Fund balances (deficit)-beginning, as restated (76,638) 2,712,182 267,556 2,896,297 Fund balances (deficit)-ending $ (19,162) $ 2,446,962 $ 294,511 $ 3,466,539

CITY OF CULVER CITY, CALIFORNIA
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Year Ended June 30, 2025
122

Special
Revenue
Funds Capital Projects Funds
Formerly
Nonmajor
Fund
Affordable
Housing DIF
Capital
Improvement
and
Acquisition
Capital
Improvement
Grants

REVENUES
Licenses and permits $ 61,075 $ - $ -
Intergovernmental - - 18,488,226
Charges for services - - -
Investment earnings 44,312 - 687,497
Grants - - -
Miscellaneous - - -
Total revenues 105,387 - 19,175,723

EXPENDITURES
Current:

General government - - -
Parks, recreation, and community services - - -
Police - - -
Fire - - -
Planning and development - - -
Housing and human services - - -
Public works - - -
Transportation - - -
Capital outlay - - 1,239,102
Debt service:

Principal payments - - -
Interest - - -
Total expenditures - - 1,239,102
Excess (deficiency) of revenues
over (under) expenditures 105,387 - 17,936,621

OTHER FINANCING SOURCES (USES)
Transfers in - - -
Transfers out - - -
Subscription proceeds - - -
Total other financing sources (uses) - - -
Net change in fund balances 105,387 - 17,936,621
Fund balances-beginning, as originally reported 878,830 8,154,651 (1,862,149) Change within financial reporting entity - (8,154,651) - Restatements - - -
Fund balances (deficit)-beginning, as restated 878,830 - (1,862,149) Fund balances (deficit)-ending $ 984,217 $ - $ 16,074,472

CITY OF CULVER CITY, CALIFORNIA
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Year Ended June 30, 2025
123

Capital
Projects
Funds
CDBG
Capital
Projects
Total
Nonmajor
Funds

REVENUES
Licenses and permits $ - $ 575,563
Intergovernmental 197,858 27,369,718
Charges for services - 6,992,061
Investment earnings - 3,596,836
Grants - 882,750
Miscellaneous - 24,856
Total revenues 197,858 39,441,784

EXPENDITURES
Current:

General government - 546,117
Parks, recreation, and community services - 27,200
Police - 326,878
Fire - 103,825
Planning and development - 3,052,685
Housing and human services - 4,559,526
Public works - 167,987
Transportation - 752,465
Capital outlay 208,150 8,457,976
Debt service:

Principal payments - 271,637
Interest - 5,619
Total expenditures 208,150 18,271,915
Excess (deficiency) of revenues
over (under) expenditures (10,292) 21,169,869

OTHER FINANCING SOURCES (USES)
Transfers in - 733,614
Transfers out - (3,681,231)
Subscription proceeds - 1,973,732
Total other financing sources (uses) - (973,885)
Net change in fund balances (10,292) 20,195,984
Fund balances-beginning, as originally reported 1 69,639,786 Change within financial reporting entity - (8,154,651) Restatements - -
Fund balances (deficit)-beginning, as restated 1 61,485,135 Fund balances (deficit)-ending $ (10,291) $ 81,681,119

CITY OF CULVER CITY, CALIFORNIA
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Year Ended June 30, 2025
124
Nonmajor Special Revenue Funds
Schedules of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual City of Culver City, California
Annual Comprehensive Financial Report
125
Gas Tax
Original Final
Actual
Amounts
Variance with
Final Budget
Positive
(Negative)

REVENUES
Intergovernmental $ 2,186,942 $ 2,186,942 $ 2,228,176 $ 41,234 Investment earnings - - 291,596 291,596
Total revenues 2,186,942 2,186,942 2,519,772 332,830

EXPENDITURES
Capital outlay 1,781,860 7,596,938 1,093,906 6,503,032 Total expenditures 1,781,860 7,596,938 1,093,906 6,503,032 Excess (deficiency) of revenues
over (under) expenditures 405,082 (5,409,996) 1,425,866 6,835,862

OTHER FINANCING SOURCES (USES)
Transfers out (400,000) (400,000) (400,000) -
Total other financing sources (uses) (400,000) (400,000) (400,000) - Net change in fund balance $ 5,082 $ (5,809,996) 1,025,866 $ 6,835,862 Fund balance-beginning 6,256,870
Fund balance-ending $ 7,282,736

CITY OF CULVER CITY, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Gas Tax
For the Year Ended June 30, 2025
126
Proposition A Local Return
Original Final
Actual
Amounts
Variance with
Final Budget
Positive
(Negative)

REVENUES
Intergovernmental $ 1,116,121 $ 1,116,121 $ 1,041,205 $ (74,916) Investment earnings 11,000 11,000 1,909 (9,091)
Total revenues 1,127,121 1,127,121 1,043,114 (84,007) Excess (deficiency) of revenues
over (under) expenditures 1,127,121 1,127,121 1,043,114 (84,007)

OTHER FINANCING SOURCES (USES)
Transfers out (1,116,121) (1,116,121) (1,063,111) 53,010 Total other financing sources (uses) (1,116,121) (1,116,121) (1,063,111) 53,010 Net change in fund balance $ 11,000 $ 11,000 (19,997) $ (30,997) Fund balance-beginning 19,997
Fund balance-ending $ -

CITY OF CULVER CITY, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Proposition A Local Return
For the Year Ended June 30, 2025
127
Proposition C Local Return
Original Final
Actual
Amounts
Variance with
Final Budget
Positive
(Negative)

REVENUES
Intergovernmental $ 925,793 $ 925,793 $ 863,654 $ (62,139) Total revenues 925,793 925,793 863,654 (62,139)

EXPENDITURES
Current:

Capital outlay - 170,038 47,446 122,592
Debt service:

Interest (12,000) (12,000) 1,609 (13,609)
Total expenditures (12,000) 158,038 49,055 108,983
Excess (deficiency) of revenues
over (under) expenditures 937,793 767,755 814,599 46,844

OTHER FINANCING SOURCES (USES)
Transfers out (921,329) (921,329) (598,090) 323,239 Total other financing sources (uses) (921,329) (921,329) (598,090) 323,239 Net change in fund balance $ 16,464 $ (153,574) 216,509 $ 370,083 Fund balance (deficit)-beginning (216,509)
Fund balance (deficit)-ending $ -

CITY OF CULVER CITY, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Proposition C Local Return
For the Year Ended June 30, 2025
128
Measure R
Original Final
Actual
Amounts
Variance with
Final Budget
Positive
(Negative)

REVENUES
Intergovernmental $ 694,345 $ 694,345 $ 647,620 $ (46,725) Investment earnings - - 37,907 37,907
Total revenues 694,345 694,345 685,527 (8,818)

EXPENDITURES
Capital outlay - 759,512 377,855 381,657
Total expenditures - 759,512 377,855 381,657
Net change in fund balance $ 694,345 $ (65,167) 307,672 $ 372,839 Fund balance-beginning 826,669
Fund balance-ending $ 1,134,341

CITY OF CULVER CITY, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Measure R
For the Year Ended June 30, 2025
129
Operating Grants
Original Final
Actual
Amounts
Variance with
Final Budget
Positive
(Negative)

REVENUES
Intergovernmental $ 1,193,930 $ 2,548,863 $ 884,635 $ (1,664,228) Investment earnings 3,000 3,000 109,589 106,589
Grants 374,750 414,750 882,750 468,000
Total revenues 1,571,680 2,966,613 1,876,974 (1,089,639)

EXPENDITURES
Current:

Police 112,198 338,593 244,769 93,824
Fire 8,147 144,240 103,825 40,415
Planning and development 24,750 569,750 108,268 461,482 Housing and human services 598,831 598,831 2,896,206 (2,297,375) Public works 264,478 752,902 167,987 584,915
Transportation - - 23,704 (23,704)
Capital outlay 210,276 312,427 1,639,832 (1,327,405) Debt service:

Principal payments - - 168,467 (168,467)
Interest - - 4,010 (4,010)
Total expenditures 1,218,680 2,716,743 5,357,068 (2,640,325) Excess (deficiency) of revenues
over (under) expenditures 353,000 249,870 (3,480,094) (3,729,964)

OTHER FINANCING SOURCES (USES)
Transfers in - - 23,704 23,704
Transfers out (350,000) (350,000) - 350,000
Subscription proceeds - - 1,536,147 1,536,147
Total other financing sources (uses) (350,000) (350,000) 1,559,851 1,909,851 Net change in fund balance $ 3,000 $ (100,130) (1,920,243) $ (1,820,113) Fund balance-beginning 614,657
Fund balance-ending $ (1,305,586)

CITY OF CULVER CITY, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Operating Grants
For the Year Ended June 30, 2025
130
Section 8 Housing
Original Final
Actual
Amounts
Variance with
Final Budget
Positive
(Negative)

REVENUES
Intergovernmental $ 1,336,400 $ 1,336,400 $ 1,364,745 $ 28,345 Investment earnings 7,000 7,000 23,332 16,332
Total revenues 1,343,400 1,343,400 1,388,077 44,677

EXPENDITURES
Current:

Housing and human services 1,898,167 1,898,312 1,663,320 234,992 Total expenditures 1,898,167 1,898,312 1,663,320 234,992 Net change in fund balance $ (554,767) $ (554,912) (275,243) $ 279,669 Fund balance-beginning 1,097,852
Fund balance-ending $ 822,609

CITY OF CULVER CITY, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Section 8 Housing
For the Year Ended June 30, 2025
131
Art in Public Places
Original Final
Actual
Amounts
Variance with
Final Budget
Positive
(Negative)

REVENUES
Licenses and permits $ 450,000 $ 450,000 $ 286,939 $ (163,061) Investment earnings 29,000 29,000 161,652 132,652
Total revenues 479,000 479,000 448,591 (30,409)

EXPENDITURES
Current:

General government - 480,563 355,586 124,977
Capital outlay 1,190,000 2,270,271 272,452 1,997,819 Total expenditures 1,190,000 2,750,834 628,038 2,122,796 Excess (deficiency) of revenues
over (under) expenditures (711,000) (2,271,834) (179,447) 2,092,387

OTHER FINANCING SOURCES (USES)
Transfers out (186,330) (186,330) (186,330) -
Total other financing sources (uses) (186,330) (186,330) (186,330) - Net change in fund balance $ (897,330) $ (2,458,164) (365,777) $ 2,092,387 Fund balance-beginning 4,139,992
Fund balance-ending $ 3,774,215

CITY OF CULVER CITY, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Art in Public Places
For the Year Ended June 30, 2025
132
Planning and Development
Original Final
Actual
Amounts
Variance with
Final Budget
Positive
(Negative)

REVENUES
Licenses and permits $ - $ - $ 14,883 $ 14,883
Investment earnings - - 14,614 14,614
Total revenues - - 29,497 29,497

EXPENDITURES
Capital outlay - 172,938 - 172,938
Total expenditures - 172,938 - 172,938
Net change in fund balance $ - $ (172,938) 29,497 $ 202,435 Fund balance-beginning 373,364
Fund balance-ending $ 402,861

CITY OF CULVER CITY, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Planning and Development
For the Year Ended June 30, 2025
133
CDBG
Original Final
Actual
Amounts
Variance with
Final Budget
Positive
(Negative)

REVENUES
Intergovernmental $ 27,323 $ 27,323 $ 27,200 $ (123)
Total revenues 27,323 27,323 27,200 (123)

EXPENDITURES
Current:

Parks, recreation, and community services 27,323 27,323 27,200 123 Total expenditures 27,323 27,323 27,200 123
Net change in fund balance $ - $ - - $ -
Fund balance-beginning 3
Fund balance-ending $ 3

CITY OF CULVER CITY, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual CDBG
For the Year Ended June 30, 2025
134
Special Assessment
Original Final
Actual
Amounts
Variance with
Final Budget
Positive
(Negative)

REVENUES
Charges for services $ 140,532 $ 140,532 $ 89,477 $ (51,055) Investment earnings 4,000 4,000 47,189 43,189
Total revenues 144,532 144,532 136,666 (7,866)

EXPENDITURES
Current:

General government 127,990 129,253 84,256 44,997
Capital outlay - 55,000 - 55,000
Total expenditures 127,990 184,253 84,256 99,997
Net change in fund balance $ 16,542 $ (39,721) 52,410 $ 92,131 Fund balance-beginning 372,455
Fund balance-ending $ 424,865

CITY OF CULVER CITY, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Special Assessment
For the Year Ended June 30, 2025
135
Park Facilities
Original Final
Actual
Amounts
Variance with
Final Budget
Positive
(Negative)

REVENUES
Charges for services $ 100,000 $ 100,000 $ 157,315 $ 57,315 Investment earnings - - 55,416 55,416
Total revenues 100,000 100,000 212,731 112,731

EXPENDITURES
Capital outlay 270,000 1,126,000 67,017 1,058,983
Total expenditures 270,000 1,126,000 67,017 1,058,983 Net change in fund balance $ (170,000) $ (1,026,000) 145,714 $ 1,171,714 Fund balance-beginning 1,164,722
Fund balance-ending $ 1,310,436

CITY OF CULVER CITY, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Park Facilities
For the Year Ended June 30, 2025
136
Asset Seizure
Original Final
Actual
Amounts
Variance with
Final Budget
Positive
(Negative)

REVENUES
Intergovernmental $ - $ 25,000 $ 127,194 $ 102,194
Investment earnings 10,000 10,000 20,633 10,633
Total revenues 10,000 35,000 147,827 112,827

EXPENDITURES
Current:

Police - 140,600 82,109 58,491
Total expenditures - 140,600 82,109 58,491
Net change in fund balance $ 10,000 $ (105,600) 65,718 $ 171,318 Fund balance-beginning 410,503
Fund balance-ending $ 476,221

CITY OF CULVER CITY, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Asset Seizure
For the Year Ended June 30, 2025
137
Parking Authority
Original Final
Actual
Amounts
Variance with
Final Budget
Positive
(Negative)

REVENUES
Licenses and permits $ 190,000 $ 190,000 $ 15,173 $ (174,827) Charges for services 4,169,652 4,022,403 4,207,762 185,359 Investment earnings 208,000 208,000 772,270 564,270 Miscellaneous - - 22,984 22,984
Total revenues 4,567,652 4,420,403 5,018,189 597,786

EXPENDITURES
Current:

General government 320,000 326,046 106,275 219,771
Planning and development 2,501,112 2,766,206 2,271,855 494,351 Capital outlay 655,000 4,124,571 681,748 3,442,823
Total expenditures 3,476,112 7,216,823 3,059,878 4,156,945 Excess (deficiency) of revenues
over (under) expenditures 1,091,540 (2,796,420) 1,958,311 4,754,731

OTHER FINANCING SOURCES (USES)
Transfers out (1,433,700) (1,433,700) (1,433,700) - Total other financing sources (uses) (1,433,700) (1,433,700) (1,433,700) - Net change in fund balance $ (342,160) $ (4,230,120) 524,611 $ 4,754,731 Fund balance-beginning 17,242,478
Fund balance-ending $ 17,767,089

CITY OF CULVER CITY, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Parking Authority
For the Year Ended June 30, 2025
138
Safe/Clean Water Protection
Original Final
Actual
Amounts
Variance with
Final Budget
Positive
(Negative)

REVENUES
Intergovernmental $ - $ - $ 113,589 $ 113,589
Charges for services 2,050,000 2,050,000 2,112,774 62,774 Investment earnings 83,000 83,000 624,296 541,296
Total revenues 2,133,000 2,133,000 2,850,659 717,659

EXPENDITURES
Current:

Planning and development - - 437,778 (437,778)
Capital outlay 2,150,000 14,469,100 1,340,121 13,128,979 Debt service:

Principal payments - - 103,170 (103,170)
Total expenditures 2,150,000 14,469,100 1,881,069 12,588,031 Excess (deficiency) of revenues
over (under) expenditures (17,000) (12,336,100) 969,590 13,305,690

OTHER FINANCING SOURCES (USES)
Subscription proceeds - - 437,585 437,585
Total other financing sources (uses) - - 437,585 437,585 Net change in fund balance $ (17,000) $ (12,336,100) 1,407,175 $ 13,743,275 Fund balance-beginning 13,874,291
Fund balance-ending $ 15,281,466

CITY OF CULVER CITY, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Safe/Clean Water Protection
For the Year Ended June 30, 2025
139
Measure W
Original Final
Actual
Amounts
Variance with
Final Budget
Positive
(Negative)

REVENUES
Intergovernmental $ 530,000 $ 530,000 $ 524,657 $ (5,343) Investment earnings - - 260,970 260,970
Total revenues 530,000 530,000 785,627 255,627

EXPENDITURES
Capital outlay 500,000 6,187,059 333,042 5,854,017
Total expenditures 500,000 6,187,059 333,042 5,854,017 Net change in fund balance $ 30,000 $ (5,657,059) 452,585 $ 6,109,644 Fund balance-beginning 5,686,705
Fund balance-ending $ 6,139,290

CITY OF CULVER CITY, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Measure W
For the Year Ended June 30, 2025
140
Building Surcharge
Original Final
Actual
Amounts
Variance with
Final Budget
Positive
(Negative)

REVENUES
Licenses and permits $ 200,000 $ 200,000 $ 197,493 $ (2,507) Total revenues 200,000 200,000 197,493 (2,507)

EXPENDITURES
Current:

Planning and development 235,861 274,583 234,784 39,799 Total expenditures 235,861 274,583 234,784 39,799
Net change in fund balance $ (35,861) $ (74,583) (37,291) $ 37,292 Fund balance (deficit)-beginning (109,505)
Fund balance (deficit)-ending $ (146,796)

CITY OF CULVER CITY, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Building Surcharge
For the Year Ended June 30, 2025
141
Paratransit
Original Final
Actual
Amounts
Variance with
Final Budget
Positive
(Negative)

REVENUES
Intergovernmental $ 100,319 $ 100,319 $ 74,272 $ (26,047) Charges for services 1,500 1,500 183 (1,317)
Miscellaneous 1,791 1,791 1,872 81
Total revenues 103,610 103,610 76,327 (27,283)

EXPENDITURES
Current:

Transportation 1,024,939 1,045,455 728,761 316,694
Total expenditures 1,024,939 1,045,455 728,761 316,694 Excess (deficiency) of revenues
over (under) expenditures (921,329) (941,845) (652,434) 289,411

OTHER FINANCING SOURCES (USES)
Transfers in 921,329 921,329 709,910 (211,419)
Total other financing sources (uses) 921,329 921,329 709,910 (211,419) Net change in fund balance $ - $ (20,516) 57,476 $ 77,992 Fund balance-beginning (76,638)
Fund balance-ending $ (19,162)

CITY OF CULVER CITY, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Paratransit
For the Year Ended June 30, 2025
142
Measure M
Original Final
Actual
Amounts
Variance with
Final Budget
Positive
(Negative)

REVENUES
Intergovernmental $ 786,924 $ 786,924 $ 733,732 $ (53,192) Investment earnings 8,000 8,000 119,658 111,658
Total revenues 794,924 794,924 853,390 58,466

EXPENDITURES
Capital outlay 550,000 3,155,298 1,118,610 2,036,688 Total expenditures 550,000 3,155,298 1,118,610 2,036,688 Net change in fund balance $ 244,924 $ (2,360,374) (265,220) $ 2,095,154 Fund balance-beginning 2,712,182
Fund balance-ending $ 2,446,962

CITY OF CULVER CITY, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Measure M
For the Year Ended June 30, 2025
143
AQMD
Original Final
Actual
Amounts
Variance with
Final Budget
Positive
(Negative)

REVENUES
Intergovernmental $ 50,000 $ 50,000 $ 52,954 $ 2,954
Investment earnings - - 12,696 12,696
Total revenues 50,000 50,000 65,650 15,650

EXPENDITURES
Current:

Transportation 75,000 75,000 - 75,000
Capital outlay 200,000 305,679 38,695 266,984
Total expenditures 275,000 380,679 38,695 341,984
Excess (deficiency) of revenues
over (under) expenditures (225,000) (330,679) 26,955 357,634 Net change in fund balance $ (225,000) $ (330,679) 26,955 $ 357,634 Fund balance-beginning 267,556
Fund balance-ending $ 294,511

CITY OF CULVER CITY, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual AQMD
For the Year Ended June 30, 2025
144
Mobility Improvement
Original Final
Actual
Amounts
Variance with
Final Budget
Positive
(Negative)

REVENUES
Charges for services $ 600,000 $ 600,000 $ 424,550 $ (175,450) Investment earnings - - 145,692 145,692
Total revenues 600,000 600,000 570,242 (29,758)

EXPENDITURES
Capital outlay - 77,610 - 77,610
Total expenditures - 77,610 - 77,610
Net change in fund balance $ 600,000 $ 522,390 570,242 $ 47,852 Fund balance-beginning 2,896,297
Fund balance-ending $ 3,466,539

CITY OF CULVER CITY, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Mobility Improvement
For the Year Ended June 30, 2025
145
Affordable Housing DIF
Original Final
Actual
Amounts
Variance with
Final Budget
Positive
(Negative)

REVENUES
Licenses and permits $ - $ 874,540 $ 61,075 $ (813,465) Investment earnings - - 44,312 44,312
Total revenues - 874,540 105,387 (769,153)
Net change in fund balance $ - $ 874,540 105,387 $ (769,153) Fund balance-beginning 878,830
Fund balance-ending $ 984,217

CITY OF CULVER CITY, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Affordable Housing DIF
For the Year Ended June 30, 2025
146
Nonmajor Capital Project Funds
Schedules of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual 147
Capital Improvement and Acquisition
Original Final
Actual
Amounts
Variance with
Final Budget
Positive
(Negative)

REVENUES
Intergovernmental $ - $ - $ 30,810 $ 30,810
Investment earnings 360,000 360,000 1,149,958 789,958 Miscellaneous - - 60,000 60,000
Total revenues 360,000 360,000 1,240,768 880,768

EXPENDITURES
Current:

Planning and development - - 336,200 (336,200)
Public works - 1,032,550 467,581 564,969
Capital outlay 10,882,944 27,232,558 7,073,476 20,159,082 Debt service:

Principal payments - - 64,468 (64,468)
Total expenditures 10,882,944 28,265,108 7,941,725 20,323,383 Excess (deficiency) of revenues
over (under) expenditures (10,522,944) (27,905,108) (6,700,957) 21,204,151

OTHER FINANCING SOURCES (USES)
Transfers in 10,377,804 12,327,804 12,327,804 -
Transfers out - (495,688) (495,688) -
Subscription proceeds - - 335,418 335,418
Total other financing sources (uses) 10,377,804 11,832,116 12,167,534 335,418 Net change in fund balance $ (145,140) $ (16,072,992) 5,466,577 $ 21,539,569 Fund balance-beginning 8,154,651
Fund balance-ending $ 13,621,228

CITY OF CULVER CITY, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Capital Improvement and Acquisition
For the Year Ended June 30, 2025
148
Capital Improvement Grants
Original Final
Actual
Amounts
Variance with
Final Budget
Positive
(Negative)

REVENUES
Intergovernmental $ 6,279,000 $ 19,566,350 $ 18,488,226 $ (1,078,124) Investment earnings - - 687,497 687,497
Total revenues 6,279,000 19,566,350 19,175,723 (390,627)

EXPENDITURES
Capital outlay 6,279,000 34,438,559 1,239,102 33,199,457 Total expenditures 6,279,000 34,438,559 1,239,102 33,199,457 Net change in fund balance $ - $ (14,872,209) 17,936,621 $ 32,808,830 Fund balance-beginning (1,862,149)
Fund balance-ending $ 16,074,472

CITY OF CULVER CITY, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Capital Improvement Grants
For the Year Ended June 30, 2025
149
Cooperative Projects
Original Final
Actual
Amounts
Variance with
Final Budget
Positive
(Negative)

REVENUES
Investment earnings $ - $ - $ 165,609 $ 165,609
Total revenues - - 165,609 165,609

EXPENDITURES
Capital outlay - 1,932,745 - 1,932,745
Total expenditures - 1,932,745 - 1,932,745
Net change in fund balance $ - $ (1,932,745) 165,609 $ 2,098,354 Fund balance-beginning 4,914,512
Fund balance-ending $ 5,080,121

CITY OF CULVER CITY, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Cooperative Projects
For the Year Ended June 30, 2025
150
CDBG Capital Projects
Original Final
Actual
Amounts
Variance with
Final Budget
Positive
(Negative)

REVENUES
Intergovernmental $ 154,833 $ 300,236 $ 197,858 $ (102,378) Total revenues 154,833 300,236 197,858 (102,378)

EXPENDITURES
Capital outlay 154,833 408,848 208,150 200,698
Total expenditures 154,833 408,848 208,150 200,698
Fund balance (deficit)-beginning 1
Fund balance (deficit)-ending $ (10,291)

CITY OF CULVER CITY, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual CDBG Capital Projects
For the Year Ended June 30, 2025
151
Internal Service Funds
City of Culver City, California
Annual Comprehensive Financial Report
152
Combining Statement of Net Position
Equipment
Replacement
Equipment
Maintenance
Risk
Management
Central
Stores
Total Internal
Service
Funds
ASSETS
Current assets:

Cash and investments $ 12,151,205 $ - $ 13,616,812 $ - $ 25,768,017 Receivables (net of uncollectibles):

Accounts - 33,920 6,965 - 40,885
Interest 84,090 - 58,176 - 142,266
Due from other funds - - - 210 210
Due from other governments - 2,554 - - 2,554
Inventory - 137,708 - 1,099,924 1,237,632
Total current assets 12,235,295 174,182 13,681,953 1,100,134 27,191,564 Noncurrent:

Capital assets, net 7,207,387 259,497 - - 7,466,884 Total noncurrent assets 7,207,387 259,497 - - 7,466,884 Total assets 19,442,682 433,679 13,681,953 1,100,134 34,658,448

DEFERRED OUTFLOWS OF RESOURCES
Pension-related - 1,640,810 420,772 - 2,061,582
OPEB-related - 123,986 24,552 - 148,538
Total deferred outflows of resources - 1,764,796 445,324 - 2,210,120

LIABILITIES
Current liabilities:

Accounts payable 606,174 252,122 288,401 147,113 1,293,810 Salaries and benefits payable - 191,587 43,449 - 235,036 Unearned revenues - 5,905 - - 5,905
Due to other funds - 4,842,920 - 946,246 5,789,166 Subscription liabilities - 72,208 - - 72,208
Claims payable - - 5,942,797 - 5,942,797
Compensated absences - 152,940 4,644 - 157,584
Total current liabilities 606,174 5,517,682 6,279,291 1,093,359 13,496,506 Noncurrent liabilities:

Subscription liabilities - non-current - 78,613 - - 78,613 Compensated absences - 332,802 2,264 - 335,066
Claims payable - - 19,726,985 - 19,726,985
Net pension liability - 9,389,864 2,407,953 - 11,797,817 Net other post employment benefits liability - 1,336,061 264,567 - 1,600,628 Total noncurrent liabilities - 11,137,340 22,401,769 - 33,539,109 Total liabilities 606,174 16,655,022 28,681,060 1,093,359 47,035,615

DEFERRED INFLOWS OF RESOURCES
OPEB-related - 369,887 73,245 - 443,132
Total deferred inflows of resources - 369,887 73,245 - 443,132

NET POSITION
Net investment in capital assets 7,207,387 259,497 - - 7,466,884 Unrestricted 11,629,121 (15,085,931) (14,627,028) 6,775 (18,077,063) Total net position $ 18,836,508 $ (14,826,434) $ (14,627,028) $ 6,775 $ (10,610,179)

CITY OF CULVER CITY, CALIFORNIA
Combining Statement of Net Position
Internal Service Funds
June 30, 2025
153
Combining Statement of Revenues, Expenses and Changes in Net Position Equipment
Replacement
Equipment
Maintenance
Risk
Management Central Stores
Total Internal
Service
Funds

OPERATING REVENUES
Charges for services $ 3,202,987 $ 9,982,568 $ 11,737,296 $ 2,793,944 $ 27,716,795 Miscellaneous - - 565 3,624 4,189
Total operating revenues 3,202,987 9,982,568 11,737,861 2,797,568 27,720,984

OPERATING EXPENSES
Salaries and benefits - 5,237,442 1,738,304 - 6,975,746 Supplies - 2,175,008 182,157 399,879 2,757,044
Repairs and maintenance 414,744 2,931,480 - 2,397,689 5,743,913 Insurance - 96,828 4,757,585 - 4,854,413
Consulting and contractual services - 141,369 905,347 - 1,046,716 Depreciation and amortization 1,924,341 111,222 - - 2,035,563 Claims and settlements - - 6,853,412 - 6,853,412
Total operating expenses 2,339,085 10,693,349 14,436,805 2,797,568 30,266,807 Operating income (loss) 863,902 (710,781) (2,698,944) - (2,545,823)

NONOPERATING REVENUES (EXPENSES)
Interest revenue 511,594 - 385,736 - 897,330
Intergovernmental - 31 - - 31
Proceeds for sale of capital assets 135,703 - - - 135,703 Total nonoperating revenues (expenses) 647,297 (489) 385,736 - 1,032,544 Income (loss) before capital contributions and
transfers 1,511,199 (711,270) (2,313,208) - (1,513,279) Transfers in - - 5,200,000 - 5,200,000
Change in net position 1,511,199 (711,270) 2,886,792 - 3,686,721 Net position-beginning, as restated 17,325,309 (14,115,164) (17,513,820) 6,775 (14,296,900) Net position-ending $ 18,836,508 $ (14,826,434) $ (14,627,028) $ 6,775 $ (10,610,179)

CITY OF CULVER CITY, CALIFORNIA
Statement of Revenues, Expenses and Changes in Net Position Internal Service Funds
For the Year Ended June 30, 2025
154
Combining Statement of Cash Flows
Equipment
Replacement
Equipment
Maintenance
Risk
Management
Central
Stores Totals

CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from interfund charges $ 3,773,812 $ 9,951,999 $ 11,734,360 $ 2,797,929 $ 28,258,100 Payments to suppliers and service providers (414,744) (5,143,791) (12,633,906) (2,964,774) (21,157,215) Payments to employees for salaries and benefits - (5,264,496) (1,742,712) - (7,007,208) Other receipts (payments) - - (2,742,559) - (2,742,559) Net cash provided by (used for)
operating activities 3,359,068 (456,288) (5,384,817) (166,845) (2,648,882)

CASH FLOWS FROM NONCAPITAL

FINANCING ACTIVITIES
Transfers from other funds - - 5,200,000 - 5,200,000 Payments from other funds on interfund borrowings - 551,879 - 166,854 718,733 Payments to other funds on interfund borrowings - - - (9) (9) Operating grants and contributions - 31 - - 31
Net cash provided by (used for)
noncapital financing activities - 551,910 5,200,000 166,845 5,918,755

CASH FLOWS FROM CAPITAL AND RELATED

FINANCING ACTIVITIES
Acquisition and construction of capital assets (4,386,574) (23,282) - - (4,409,856) Principal paid on capital debt - (71,820) - - (71,820) Interest paid on capital debt - (520) - - (520)
Proceeds from sales of assets 135,703 - - - 135,703 Net cash provided by (used for)
capital and related financing activities (4,250,871) (95,622) - - (4,346,493)

CASH FLOWS FROM INVESTING ACTIVITIES
Interest on investments 511,306 - 375,268 - 886,574 Net cash provided by (used for)
investing activities 511,306 - 375,268 - 886,574
Net increase (decrease) in
cash and cash equivalents (380,497) - 190,451 - (190,046) Cash and cash equivalents-beginning 12,531,702 - 13,426,361 - 25,958,063 Cash and cash equivalents-ending $ 12,151,205 $ - $ 13,616,812 $ - $ 25,768,017

RECONCILIATION OF OPERATING INCOME (LOSS)

TO NET CASH PROVIDED BY (USED FOR)

OPERATING ACTIVITIES
Operating income (loss) $ 863,902 $ (710,781) $ (2,698,944) $ - $ (2,545,823) Adjustments to reconcile operating income (loss) to
net cash provided by (used for) operating activities:

Depreciation/amortization expense 1,924,341 111,222 - - 2,035,563 (Increase) decrease in accounts receivable - (36,474) (3,501) 361 (39,614) (Increase) decrease in inventories - (11,175) - (191,902) (203,077) Increase (decrease) in accounts payable 570,825 212,069 64,595 24,696 872,185 Increase (decrease) in accrued liabilities - 29,016 (27,695) - 1,321 Increase (decrease) in deposits payable and
unearned revenue - 5,905 - - 5,905
Increase (decrease) in compensated absences - (165,437) (21,033) - (186,470) Increase (decrease) in claims and judgments - - (2,742,559) - (2,742,559) Increase (decrease) in pension and related items - 387,908 99,477 - 487,385 Increase (decrease) in OPEB and related items - (278,541) (55,157) - (333,698) Total adjustments 2,495,166 254,493 (2,685,873) (166,845) (103,059) Net cash provided by (used for)
operating activities $ 3,359,068 $ (456,288) $ (5,384,817) $ (166,845) $ (2,648,882)

SCHEDULE OF NON-CASH NONCAPITAL, CAPITAL,

AND INVESTING ACTIVITIES
Transfer of capital assets to governmental funds - (211,925) - - (211,925) Transfer of SBITA liabilities to governmental funds - 150,821 - - 150,821

CITY OF CULVER CITY, CALIFORNIA
Combining Statement of Cash Flows
Internal Service Funds
For the Year Ended June 30, 2025
155
Combining Fiduciary Funds
City of Culver City, California
Annual Comprehensive Financial Report
156
Combining Statement of Fiduciary Net Position
Treasurer's
Trust
Revitalization
Corporation
Total
Custodial
Funds
ASSETS
Cash and investments $ 11,623 $ - $ 11,623
Total assets 11,623 - 11,623

NET POSITION
Restricted For:

Restricted for individuals and other organizations 11,623 - 11,623 Total net position $ 11,623 $ - $ 11,623

CITY OF CULVER CITY, CALIFORNIA
Combining Statement of Fiduciary Net Position
Custodial Funds
June 30, 2025
157
Combining Statement of Fiduciary Net Position
Treasurer's
Trust
Revitalization
Corporation
Total
Custodial
Funds

DEDUCTIONS
Payments to the City - 61,357 61,357
Total deductions - 61,357 61,357
Net increase (decrease) in fiduciary net position - (61,357) (61,357) Net position-beginning 11,623 61,357 72,980
Net position-ending $ 11,623 $ - $ 11,623

CITY OF CULVER CITY, CALIFORNIA
Combining Statement of Changes in Fiduciary Net Position Custodial Funds
For the Year Ended June 30, 2025
158

STATISTICAL SECTION
159

CITY OF CULVER CITY, CALIFORNIA

DESCRIPTION OF STATISTICAL SECTION CONTENTS
JUNE 30, 2025
This part of the City’s annual comprehensive financial report presents detailed information as a context for understanding what the information in the financial statements and the note disclosures say about the government’s overall financial health.

Contents: Pages:

Financial Trends: these schedules contain trend information to help the reader understand how the City’s financial performance and well being have changed over time . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161 Revenue Capacity: these schedules contain information to help the reader assess the City’s most significant local revenue source, the property tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173 Debt Capacity: these schedules present information to help the reader assess the affordability of the City’s current levels of outstanding debt and the City’s ability to issue additional debt in the future . . . . . . . . . . . . . . 180 Demographic and Economic Information: these schedules offer demographic and economic indicators to help the reader understand the environment within which the City’s financial activities take place . . . . . . . . . 186 Operating Information: these schedules contain service and infrastructure data to help the reader understand how the information in the City’s financial report relates to the services the City provides and the activities it performs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 189 160
Net Position by Component
161
162
Changes in Net Position
163
164
165
166
Program Revenues by Revenue Function
167
168
Fund Balances Governmental Funds
169
170
Changes in Fund Balances, Governmental Funds
171
Changes in Fund Balances, Governmental Funds
172
Revenue Capacity Information
City of Culver City, California
Annual Comprehensive Financial Report
173
Tax Revenue by Source
174
175
Assessed Value and Estimated Actual Value of Taxable Property 176
Direct and Overlapping Property Tax Rates
177
Principal Property Taxpayers
178
Property Tax Levies and Collections
179
Debt Capacity Information
City of Culver City, California
Annual Comprehensive Financial Report
180
Ratios of Outstanding Debt by Type
181
Direct and Overlapping Governmental Activities Debt
182
Legal Debt Margin Information
183
184
Pledged - Revenue Coverage
185
Demographic and Economic Information
City of Culver City, California
Annual Comprehensive Financial Report
186
Demographic and Economic Statistics
187
Principal Employers
188
Operating Information
City of Culver City, California
Annual Comprehensive Financial Report
189
Full - Time Equivalent City Government Employees by Function/Program 190
Operating Indicators by Function
191
Operating Indicators by Function
192
Capital Asset Statistics by Function
193